We are raising the policy rate to dampen inflation
What changed vs prior statement
- 01Policy rate raised to combat inflation, indicating a shift towards tightening monetary policy.
- 02Increased focus on addressing inflation, with less emphasis on previous economic stability language.
- 03No mention of voting splits or dissents regarding the policy decision.
From the original
Introductory statement by Ms Ida Wolden Bache, Governor of Norges Bank (Central Bank of Norway), at the press conference following Norway's announcement of the policy rate, Oslo, 24 September 2026.
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The desk interprets Norges Bank's recent policy rate hike to 4.25% as a clear signal of the central bank's commitment to combating inflation, which has remained stubbornly high in the region. Per the full note [source], Governor Ida Wolden Bache emphasized the need for continued vigilance against inflationary pressures, suggesting that further tightening may be on the table if economic conditions do not improve. This rate adjustment aligns with our expectation of a hawkish stance from Norges Bank, particularly in light of recent economic data indicating persistent inflation above the central bank's target. With no high-impact events on the calendar in the next 30 days, the market will likely focus on the implications of this rate hike and its impact on the NOK's valuation against major currencies.