Even though the EUR/NOK has rallied in the last few weeks as a result of falling oil prices, Nordea Bank has predicted that the pair would hit a price target of 9.75 by the end of 2021. Economists at Nordea Bank base their price prediction on a recovery of the […]
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 Norges Bank left its key interest rate unchanged at 0.00%, choosing to provide forward guidance of a possible rate hike down the road in 2021 amid signs of continuing economic recovery. The Norges Bank, in providing forward guidance, says that the present assessment of the economic outlook and balance […]
The Norges Bank is scheduled to meet this Thursday in a widely anticipated meeting to decide on the ínterest rates in Norway. The general market expectation is for the Norges Bank to hike interest rates, having been able to control the local coronavirus epidemic with evidence of economic recovery on […]
As the Norwegian Krone waits for possible action from the Norges Bank, it is receiving a strong push from rising crude oil prices. This presents an opportunity to trade a currency pair which at the moment, presents divergent fundamentals. The EUR/NOK is in a short-term downtrend, as the weakening Euro […]
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 […]
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 […]