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Press release 3 January 2011

A transparent and well run central bank

Today is Øystein Olsen’s first day as Governor of Norges Bank and Chairman of Norges Bank’s Executive Board.
“With the current imbalances and problems in the international economy, the Bank can expect fresh challenges ahead in many of its primary areas”, says Governor Øystein Olsen.

Olsen says that Norges Bank is to be a transparent and well-run central bank and that he will continue the work that has been done at Norges Bank in recent years. The inflation targeting regime for monetary policy in Norway has worked well under changing economic conditions. Together with other aspects of economic policy, monetary policy has contributed to stable developments in the Norwegian economy. The inflation targeting regime is flexible. It can be assumed that the Bank’s policy response pattern will continue”, says Olsen.

Norges Bank will play an active role in developing a policy framework, surveillance and the use of instruments to regulate the financial sector.

Norges Bank also manages the Government Pension Fund Global. Fund management shall be characterised by transparency, long-termism and a high level of management expertise. “Norges Bank is very well equipped to perform this task”, Olsen emphasises.

Øystein Olsen has been appointed Governor of Norges Bank for a six-year term. He has a postgraduate degree in economics (Cand.oecon) from the University of Oslo (1977). Olsen was most recently Director General of Statistics Norway.

For further information, please contact:

Siv Meisingseth, Director of Communications, tel. +47 22316350 / +47 91638912

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