§ 1 Management of the foreign exchange reserves
The guidelines shall apply to Norges Bank’s foreign exchange assets, which mainly conform to the IMF definition of the concept of foreign exchange reserves less borrowing in foreign exchange. In these guidelines, ‘foreign exchange reserves’ means the same as Norges Bank’s foreign exchange assets.
The foreign exchange reserves shall be available for interventions in the foreign exchange market in connection with the implementation of monetary policy or in the interests of financial stability.
The foreign exchange reserves are divided into a money market portfolio, a long-term portfolio (previously investment portfolio) and a buffer portfolio.
§ 2 The money market portfolio
The Executive Board lays down separate guidelines for the money market portfolio. The money market portfolio shall be managed in such a way that it is available at short notice for operations in connection with the implementation of monetary policy or in the interests of financial stability, and to meet Norges Bank’s international commitments.
§ 3 The long-term portfolio
The Executive Board lays down separate guidelines for the long-term portfolio in the form of an investment mandate. In its management of the long-term portfolio, Norges Bank shall seek to achieve the highest possible return within the constraints specified by the investment mandate.
§ 4 Guidelines for the investment of the buffer portfolio
The buffer portfolio shall gather together the regular purchases of foreign exchange for the Government Pension Fund Global (GPFG). The Governor of Norges Bank lays down guidelines for the buffer portfolio based on the GPFG’s capital inflow and rebalancing needs.
§ 5 Reporting
The Executive Board shall receive quarterly reports on the management of the money market portfolio and the long-term portfolio.
A simplified version of these reports shall be published.
§ 6 Delegation of authority
The Governor of Norges Bank lays down guidelines for the transfer of capital between the three portfolios comprising the foreign exchange reserves.
§ 7 Entry into force
These guidelines enter into force on the date determined by the Governor of Norges Bank.