The Norwegian Krone continued to gain momentum against the US Dollar for the 3rd trading day in a row, as the Norges bank held interest rates at the record low of 0% this Thursday. However, the Norges Bank has brought forward its plans to hike interest rates as it notes […]
On this page, you will read about everything you need to know about the Norges Bank including its latest monetary policy decisions and market-moving speeches.
The Norges Bank is the central bank of Norway and is responsible for financial stability and price stability in Norway.
Norges Bank Mission
Norges Bank’s mission is to promote financial stability and price stability and a robust and efficient payment mechanism. Norges Bank is also responsible for the management of Norway’s foreign exchange reserves and the management of the Government Pension Fund Global (GPFG) the world’s largest sovereign wealth fund. The investment target of the Government Pension Fund Global is designed to obtain the highest return within the framework of the investment mandate.
Norges Bank monetary policy
Norges Bank sets the policy rate with the aim of stabilizing the inflation rate around the target. The horizon will depend on the developments to which Norway’s economy is exposed and the outlook for inflation and the real economy. In its conduct of monetary policy, the Norges Bank takes into account indicators of underlying consumer price inflation.
Norges Bank’s monetary policy must maintain financial stability by keeping inflation stable and low. The operational target of Norges Bank’s monetary policy shall be annual consumer price inflation of close to 2%. Inflation targeting should be flexible so it can contribute to high output and employment and to countering the build-up of financial imbalances.
Who Heads Norges Bank?
The most important bodies of Norges Bank are the Executive Board, the Monetary Policy and Financial Stability Committee and the Supervisory Council. The Norges Bank Governor is responsible for the day-to-day management of the Bank. The general manager of Norges Bank Investment Management (NBIM) is appointed by the Norges Bank Executive Board. The Chairman of the Executive Board, Øystein Olsen, who presides over the bank, is also the acting Central Bank Governor.
The USDNOK pair will be in focus as the central bank of Norway, the Norges Bank, gets set to make its latest interest rate decision public on Thursday, 20 August at 10.00 GMT. Analysts are expecting the key interest rate to remain unchanged at 0%. Norway has mostly kept the […]