Monetary Policy Report 4/2023
Description
At its meetings on 28 November and 5 and 11 December 2023, the Committee discussed the economic outlook
and the monetary policy stance. Norges Bank’s Monetary and Financial Stability Committee decided to raise the policy rate from 4.25% to 4.5% at its meeting on 13 December. Based on the Committee’s current assessment of the outlook and the balance of risks, the policy rate will likely be kept at that level for some time ahead.
The policy rate is set by Norges Bank’s Monetary Policy and Financial Stability Committee. Policy rate decisions
are taken at the Committee’s monetary policy meetings. The Committee normally holds eight monetary policy
meetings per year. The Monetary Policy Report is published four times a year in connection with four of the
monetary policy meetings. Prior to publication, several seminars and meetings are held at which analyses are
presented to the Committee, and economic developments, the balance of risks and the monetary policy stance
are deliberated. On the basis of the analyses and deliberations, the Committee assesses future interest rate
developments. The final policy rate decision is made on the day prior to the publication of the Report. In
connection with the monetary policy meetings without a Report, the Committee ordinarily meets twice. The
Committee’s assessment of the economic outlook and monetary policy is presented in “Monetary policy
assessment”