Banks › Norges Bank › History › 22 Jan 2026
Norges Bank: decision of 22 January 2026
Norges Bank's Monetary and Financial Stability Committee unanimously kept the policy rate unchanged at 4%.
Decision
hold
- Rate
- 4.00%=4.00%
- Change
- 0 bp
- Vote
- unanimous
- Announced
- 10:00 Oslo time
Sources
- Statement
- norges-bank.no/en/news-events/news/Press-rel…
- Monetary policy meeting page
- norges-bank.no/en/topics/monetary-policy/Mon…
- Recorded
- 22 Jan 2026
- Data
- JSON
What the bank said
The Committee said inflation had fallen markedly but was still above the 2% target, with inflation excluding energy prices close to 3% since autumn 2024.
It judged that a restrictive monetary policy was still needed, because lowering the rate too quickly could leave inflation above target for too long.
It said geopolitical tension was causing uncertainty, but that the interest rate outlook had not changed materially since December.
Guidance. The Committee said that if the economy evolves broadly as currently envisaged, the policy rate will be reduced further in the course of the year.
“The Committee judges that a restrictive monetary policy is still needed.”
Before and after
- Previous decision: 18 Dec 2025, held the policy rate at 4.00%.
- Next decision: 26 Mar 2026, held the policy rate at 4.00%.
- All Norges Bank decisions and the rate history