Norges Bank raises its policy rate to 4.5%

Norges Bank raised its policy interest rate by a quarter of a point, from 4.25% to 4.5%, with effect from Friday 25 September 2026, according to the central-bank data we track.

A year earlier the rate was 4%, so it is now 0.50 points higher over twelve months. Among the 43 central banks on our rates page, that puts it 18th from the top.

Central banks use the policy rate to steer inflation and growth: raising it makes borrowing dearer and tends to cool demand, cutting it makes borrowing cheaper and tends to support it.

Interest rates are one of the main drivers of currencies: a higher rate usually makes holding a currency more attractive, a lower one less. The effect is often priced in before the decision. Educational context, not a forecast.