The rate has been at 0% since May 7, 2020. “A normalizing economy now suggests that it is appropriate to begin a gradual normalization of the policy rate,” said Governor Oeystein Olsen. The Norges Bank said that “the reopening of society has led to a marked upswing in the Norwegian economy, and activity is now higher than its pre-pandemic level.” Although infection rates have risen after summer, “a high vaccination rate has reduced the need for COVID-related restrictions."
Oil-rich Norway is not part of the European Union, though it has a close economic relationship with the bloc. The change is effective as of Friday.