FX.co ★ Norway’s M3 Money Supply Edges Higher in January, Reaching NOK 3,474.8 Billion

Norway’s broad money supply (M3) continued its upward trajectory at the start of 2026, with the indicator rising to NOK 3,474.8 billion in January 2026, up from NOK 3,422.1 billion recorded in December 2025. The latest figures, updated on 24 February 2026, signal a further expansion in liquidity within the Norwegian financial system.

The increase of NOK 52.7 billion over the month suggests that cash, deposits, and other liquid assets in the economy continued to grow into the new year. While the data alone do not explain the drivers behind the expansion, the rising M3 level is likely to be watched closely by market participants and policymakers as they assess monetary conditions and their potential implications for inflation, credit growth, and overall economic activity in Norway.