Markets and Banking Services

The department monitors, communicates and analyses relevant developments in money and capital markets.

The department is responsible for:

  • in central banking operations, maintaining a comprehensive overview of market developments
  • ensuring the capacity and ability to deal with crises in the financial system
  • efficiently managing overall liquidity in the banking system
  • meeting society's demand for cash in a manner that promotes efficiency in the payment system
  • ensuring that the central bank's role as the bankers' bank and the government's bank is performed efficiently
  • providing stable, functional and efficient IT services

Executive Director: Kristin Gulbrandsen
Tel. +47 22 31 60 25

Departmental units:

Cashier's Department

The unit discharges Norges Bank's responsibility pursuant to the Norges Bank Act as issuer of notes and coins. It ensures that new notes and coins are supplied as the need arises, and that old, worn notes and coins are removed and destroyed. The unit is responsible for new issues and improvements of notes and coins designed to make them an effective means of payment. Information on the appearance and properties of notes and coins, particularly when changes are made, is important for ensuring that they are received with the necessary confidence, and the provision of information is therefore one of the department's key responsibilities.

Director: Leif Veggum
Tel. +47 22 31 62 93

Market Operations and Analysis

The Market Operations and Analysis Unit has extensive contact with domestic and international markets and performs the analyses that provide the background for the formulation of monetary policy. The unit also conducts Norges Bank's monetary policy transactions in domestic money and capital markets and in the foreign exchange market. 

The unit is also tasked with devising a strategy for managing Norges Bank's foreign exchange reserves and with managing the fixed income instruments in the reserves. The Market Operations and Analysis Unit is responsible for issuing and managing government debt under a mandate laid down by the Ministry of Finance.

Director: Olav Andreas Bø
Tel. +47 22 31 67 43

Liquidity: +47 22 31 71 70 / Fax: +47 22 33 37 35
Foreign exchange: +47 22 31 71 50
Government debt: +47 22 31 71 40

Interbank Settlement

The main responsibilities of the Interbank Settlement Unit are the operation and development of Norges Bank's settlement system (NBO) and the management of banks' collateral for loans from Norges Bank. The unit also manages the central government's accounts at Norges Bank.

Director: Kjetil Heltne
Tel. +47 22 31 60 23 / +47 22 31 60 25


The unit is responsible for providing stable, functional and efficient IT services.

Director: Helge Mothes
Tel. +47 22 31 65 69 / +47 22 31 60 25


Published 1 June 2012 08:55
Edited 2 January 2017 10:20
Kristin Gulbrandsen
Executive Director, Markets and Banking Services


Tel.: +47 22 31 60 25