Norges Bank Rate Decision January 2027

Norges Bank’s Monetary Policy and Financial Stability Committee announces its first interest rate decision of 2027 on Thursday, January 21, 2027, at 10:00 am CET (4:00 am ET, 9:00 am London time). The committee’s most recently confirmed decision, taken at its August 12, 2026 meeting, held Norway’s policy rate at 4.25%. Full schedule and background: Norges Bank Rate Decision.

What is the Norges Bank Monetary Policy and Financial Stability Committee and what does it decide?

Norges Bank is Norway’s central bank. Its Monetary Policy and Financial Stability Committee sets the policy rate, the interest rate at which banks can place overnight deposits with the central bank, and other banks use as a benchmark for lending. The committee’s primary mandate is keeping inflation close to 2% over time, while also giving weight to output and employment, according to Norges Bank’s published mandate.

The committee is chaired by the Governor of Norges Bank, currently Ida Wolden Bache, and includes the Deputy Governors and external members appointed by the King in Council. Unlike the US Federal Reserve or the Bank of England, Norges Bank does not publish individual voting records for every meeting, though dissent is occasionally noted in the minutes.

Norges Bank typically holds eight policy rate meetings a year, roughly every six to seven weeks. Four of these meetings, usually in March, June, September and December, are accompanied by a full Monetary Policy Report with new economic forecasts and an updated policy rate path (Norges Bank’s version of a “dot plot”). The other four meetings, including January, are interim decisions without new forecasts unless the committee flags an update.

When is the January Norges Bank decision announced?

The decision is due on January 21, 2027 at 10:00 am CET (4:00 am ET, 9:00 am London). As with other interim meetings, new forecasts are not typically prepared for the January decision, based on the pattern set at the January 2026 meeting, when Norges Bank stated it would publish its next full Monetary Policy Report alongside the March 2026 decision.

A press conference with the Governor normally follows interim decisions when the outcome is not simply “on autopilot,” and always follows the four Monetary Policy Report meetings. Norges Bank publishes the decision, an introductory statement, and (for Report meetings) the updated policy rate forecast on its website at the time of announcement.

What to expect

At the time of writing, a consensus forecast for the January 2027 decision has not yet been published. Economists’ expectations tend to firm up in the days before each Norges Bank meeting, once domestic inflation and wage data are released, so readers should check back closer to the date for a Reuters or Bloomberg poll.

The most recently confirmed policy rate move was in May 2026, when the committee raised the rate from 4% to 4.25%, according to Norges Bank’s own meeting summaries. The rate was then held at 4.25% at the June and August 2026 meetings. That 4.25% level is the most recent verified reading available from Norges Bank’s published decisions.

Norges Bank does not publish a widely-tracked futures-based tool comparable to the CME FedWatch tool used for the Federal Reserve, so market pricing for Norwegian rates is generally inferred from Norwegian krone forward rate agreements and analyst notes, referenced by outlets such as Reuters closer to each meeting.

Market impact scenarios

What will the statement and press conference signal?

Analysts typically focus on three things in the Norges Bank statement: the committee’s language on the pace and timing of any further moves, the assessment of Norwegian wage growth and imported inflation via the krone exchange rate, and any change to the projected policy rate path shown in the most recent Monetary Policy Report. Because Norway is a small, open, oil-linked economy, the committee also weighs global growth, oil prices and the krone’s exchange rate more heavily than many other central banks.

Dissent within the committee is possible but has been relatively rare in recent years compared with, for example, the Bank of England’s Monetary Policy Committee. Watch for any reference to the balance between domestic demand, housing market activity, and the pass-through of currency moves into consumer prices.

What It Means for Your Money

For people with mortgages in Norway, the policy rate feeds fairly quickly into variable mortgage rates, so a hold keeps monthly payments steady, a cut could ease remortgaging costs, and a hike raises them. Norwegian savers with instant-access accounts tend to see deposit rates move in the same direction as the policy rate, though usually with a lag.

Outside Norway, the decision matters mainly through the krone. A weaker krone makes Norwegian exports, including salmon and other goods, cheaper for buyers in the UK, the eurozone and Asia, but makes imports and travel to Norway more expensive for Norwegians. A stronger krone works the other way. UK and eurozone investors holding Norwegian government bonds, equities or krone-denominated funds will see the value of those holdings shift with both the rate decision and the currency reaction. Pension funds and multi-asset portfolios with Nordic exposure can see modest swings on decision day, though Norway’s relatively small market size limits the wider global spillover compared with Federal Reserve or European Central Bank decisions.

Related events

• Previous decision: Norges Bank Rate Decision, December 2026
• Full schedule and background: Norges Bank Rate Decision hub
• Norwegian inflation (CPI-ATE) and labour market data released in the weeks before the January meeting typically shape the final expectations for this decision

Frequently Asked Questions

What time is the Norges Bank decision announced in January 2027?

The decision is due at 10:00 am CET on January 21, 2027, which is 4:00 am ET and 9:00 am London time.

What is Norway’s current policy rate?

The most recently confirmed rate from Norges Bank’s own published decisions was 4.25%, held at the August 2026 meeting.

Will Norges Bank cut rates in January 2027?

This is not yet known. A consensus forecast has not been published at the time of writing, and any expectation should be treated as a possibility rather than a prediction until economists’ forecasts and market pricing are published closer to the date.

When is the next Norges Bank decision after January 2027?

Norges Bank typically holds eight meetings a year at roughly six to seven week intervals, so the following decision would be expected around March 2027, alongside a new Monetary Policy Report, based on the bank’s usual meeting pattern.

Where can I watch the announcement?

Norges Bank publishes the decision, introductory statement and, where applicable, the press conference live on its official website.