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Commerzbank Says Interest Rate Cut in Norway Is Definitely Off The Table

BY MT Newswires | ECONOMIC | 02/11/26 12:23 PM EST

12:23 PM EST, 02/11/2026 (MT Newswires) -- With the Norwegian inflation figures for January, even those who still had doubts despite the recent statements made by Norges Bank should now realize that interest rate cuts by Norway's central bank are off the table for the time being, said Commerzbank.

This is because inflation rates rose to 3.6% (headline rate) and 3.4% (core rate) year-on-year, wrote the bank in a note to clients.

Even more important is the underlying trend, in other words, the seasonally adjusted monthly rate of change, stated Commerzbak. Here, too, it is clear that inflationary pressure are too high to be in line with the inflation target and allow Norges Bank to relax its vigilance.

The NOK gained significantly following Tuesday's announcement. However, the oil price, which has been rising again for several days, is likely to have provided additional momentum.

Nevertheless, it is important that the real interest rate does not fall further due to the rise in inflation so that the NOK can maintain its gains, added Commerzbank.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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