FX.co ★ Norway’s M3 Money Supply Edges Higher in February, Signalling Mild Liquidity Expansion

Norway’s broad money supply (M3) continued its upward trajectory in February 2026, inching higher to 3,498.8 billion NOK from 3,474.8 billion NOK in January 2026. The latest data, updated on 23 March 2026, indicate a modest expansion in liquidity within the Norwegian financial system.

The increase in M3 suggests a gradual strengthening of monetary aggregates, which can reflect higher deposit levels, credit creation, or portfolio shifts within the banking sector. While the change between January and February is relatively moderate, it underscores a continuation of the broad money growth trend at the start of 2026.

Market participants and policymakers will be watching subsequent releases closely to assess whether this expansion in money supply translates into stronger domestic demand, potential inflationary pressures, or remains a sign of steady, contained monetary conditions in Norway’s economy.