FX.co ★ Norges Bank Leaves Rates Steady as Expected

The Norges Bank decided to maintain its key policy rate at 4% in November 2025, following a 25 basis-point reduction in the prior session, aligning with market predictions. The bank's officials highlighted that there hasn't been any significant new information to fundamentally change the economic outlook for Norway since their last policy meeting in September. While they recognized ongoing uncertainties, they reiterated that if the economy progresses as anticipated, there may be further rate reductions over the next year. The central bank also pointed out that its monetary policies have successfully moderated economic activity in Norway and helped curb inflation in recent years. Despite these efforts, inflation still exceeds the target, with core inflation lingering around 3%, and unemployment experiencing a slight uptick. The authorities emphasized that a cautious approach remains necessary, as the task of fully controlling inflation is not complete. Thus, the bank is not in a hurry to further reduce rates.