Norges Bank

News and publications

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Calendar

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Monetary policy

Monetary policy shall maintain monetary stability by keeping inflation low and stable

Monetary policy objectives and instruments

The Storting and Government define the objectives of monetary policy by law and regulation. Norges Bank's role is to contribute to achieving the objectives. The key instrument of monetary policy is the policy interest rate.

Why do we want low and stable inflation?

Both rapidly rising and falling prices can pose challenges to the economy. The best course of action is therefore to aim for something in between.

How does the policy rate influence you?

The level of the policy rate influences, directly and indirectly, many of the everyday economic decisions you make.

Policy rate

1.25%

Effective from 21.06.2019

Next rate decision will be announced 15 August.

Notes and coins

When will the banknotes be launched?

The new banknote series will be put into circulation in three stages. The first two denominations was launched in 2017. The entire banknote series will be in circulation by the end of 2019.

Exchange of withdrawn notes and coins

Norges Bank may decide that banknotes and coins shall be withdrawn from circulation (cf Section 15 of the Norges Bank Act). The decision is announced in the Norsk Lovtidend (Norwegian Legal Gazette) and major national newspapers in Norway.

Financial stability

Norges Bank shall contribute to a robust and efficient financial system

Financial stability - a primary objective

The role of issuer of means of payment and ultimate settlement bank for interbank payments in Norway gives Norges Bank a particular responsibility for fostering efficient and secure payment systems.

How are payments made?

There are primarily two types of money in the payment system, notes and coins issued by Norges Bank (cash) and deposits in banks (deposit money).

Why are banks so important?

A well-functioning financial system is fundamental to a modern economy, and banks perform important functions for society. They must therefore be secure.

Reports on financial stability

Norges Bank publishes four reports that provide an overview of the financial system, development trends, vulnerabilities and oversight activities.

Investment management

Norges Bank manages the portfolios of the Government Pension Fund Global and the Bank’s own foreign exchange reserves

The Fund's market value

9 101

Billion NOK

Norges Bank Investment Management (NBIM) manages the Norwegian Government Pension Fund Global, also known as the Oil Fund.

Foreign exchange reserves

The foreign exchange reserves are the Bank's contingency funds in international currencies and are to be available for use in foreign exchange market transactions as part of the conduct of monetary policy or with a view to promoting financial stability and to meet Norges Bank's international commitments.