Greater transparency in connection with interest rate decisions
Norges Bank will release documents providing a broader account of the reasoning behind interest rate decisions. The strategy documents that are drawn up every fourth month will be available four months following the Executive Board’s deliberations.
Norges Bank analyses the inflation outlook in the Inflation Report. The Executive Board assesses the inflation outlook on the basis of provisional projections at a separate meeting three weeks prior to the publication of the Inflation Report. On the basis of these analyses, the Executive Board assesses the consequences for the orientation of monetary policy over the following four months.
The Executive Board has decided to publish the documents used at these strategy meetings. After the strategy meetings, the documents are revised to reflect the viewpoints of the Executive Board. Furthermore, the documents are revised so that they are based on the same projections as the Inflation Report. The revised strategy document will be submitted to the Executive Board for approval at the following monetary policy meeting.
The revised strategy document will subsequently be published on Norges Bank’s website in Norwegian and English at the end of the strategy period. The strategy period will end when the next Inflation Report is published. Accordingly, the current strategy document will be released on Norges Bank’s website at 2 pm, on 5 March 2003.
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