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Norges Bank holds its policy rate at 4.5%

Norges Bank kept its policy rate at 4.5% at its meeting on 4 November 2026, published on 5 November. It said the rate will likely stay elevated for a time and that it is prepared to raise it if needed.

By FTC Editorial TeamPublished 1 min read

Norges Bank's Monetary Policy and Financial Stability Committee decided to keep the policy rate unchanged at 4.5% at its meeting on 4 November 2026. The decision was published on 5 November at 10:00 (Norges Bank press release, 5 November 2026). Governor Ida Wolden Bache said: "Inflation is too high."

Norges Bank holds its policy rate at 4.5% — central bank rate path diagram
A central bank's policy rate path across recent meetings

What the Committee noted

  • Inflation: twelve-month CPI inflation was 3.4% in September, and CPI-ATE (adjusted for tax changes and excluding energy products) was 3.0%. Inflation has evolved broadly as projected.
  • Domestic prices: inflation for domestically produced goods and services remains elevated and has been higher than projected in the September report.
  • Krone: it has appreciated and is stronger than assumed.
  • Energy: oil spot prices have fallen and futures prices have risen somewhat; spot and futures prices for gas and electricity have moved up.
  • Activity: capacity utilisation has declined and appears to be slightly below a normal level.
Norges Bank holds its policy rate at 4.5% — support and resistance diagram
Price bouncing between support and resistance

The guidance

The Committee says it has not received information that changes the outlook materially since September, and that it will likely be necessary to keep the policy rate elevated for a time. It is prepared to raise the rate if the inflation outlook warrants it. New forecasts were not prepared for this meeting.

Norges Bank holds its policy rate at 4.5% — moving average crossover diagram
A fast moving average crossing a slower one

The policy rate was raised to 4.5% in September (September decisions). The next decision comes with Monetary Policy Report 4/26 on 17 December 2026. Sweden's Riksbank raised its rate the day before: see Riksbank raises its policy rate to 2%. For how central banks set rates, see how to trade central bank decisions.

Sources

  1. Norges Bank: Policy rate kept unchanged at 4.5 percent, press release, 5 November 2026

Common questions

What is Norges Bank's policy rate in November 2026?

4.5%. The Committee kept it unchanged at its meeting on 4 November 2026, and the decision was published on 5 November.

Will Norges Bank raise rates again?

The Committee says it will likely be necessary to keep the policy rate elevated for a time and that it is prepared to raise it if the inflation outlook warrants it.

When is Norges Bank's next decision?

On 17 December 2026, together with Monetary Policy Report 4/26.

This article is for information only and is not financial advice. Trading forex and CFDs carries a high risk of losing money. Read the risk warning. Spotted an error? Tell the editors.

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