Today, Norges Bank presents its annual report and financial statements for 2025.

"Our missions guide all we do, and to succeed in them, we need to adapt to change and be prepared for the unexpected", says Governor Ida Wolden Bache. 

Norges Bank’s total comprehensive income for 2025 showed a loss of NOK 26.2 billion. Equity investments in Norges Bank's foreign exchange reserves posted a gain of NOK 17.9 billion and fixed income investments posted a gain of NOK 22.8 billion. Measured in Norwegian krone, the value of the reserves fell by NOK 54.2 billion, primarily due to a stronger krone. 

Global equity markets grew through the year and contributed to positive returns for both the Government Pension Fund Global (GPFG) and Norges Bank’s foreign exchange reserves. At year-end 2025, the value of the GPFG was NOK 21 268 billion and was affected by the return on investments, capital inflows from the Norwegian government and exchange rate movements.   

Norges Bank holds foreign exchange reserves for contingency purposes. The reserves are to be sufficiently large and liquid to be available for use in foreign exchange market transactions as part of the conduct of monetary policy. The market value of the reserves was NOK 749 billion at year-end. 

"The economic outlook is uncertain, and we must be prepared for considerable fluctuations in the return and market value of both the Government Pension Fund Global and the foreign exchange reserves ahead", says Governor Ida Wolden Bache. 

The work to modernise Norges Bank's settlement system continued in 2025. This is an extensive and long-term undertaking that also requires adaptations to safeguard security and contingency requirements. In order to achieve Norges Bank's liquidity management policy objectives, the Executive Board has decided to introduce tradeable central bank certificates as a new instrument to withdraw surplus liquidity from the banking system. 

The 2023–2025 strategy period ended in 2025. The Executive Board's assessment is that Norges Bank has to a large extent achieved its strategic ambitions.  

In 2025, Norges Bank prepared the strategy for the 2026–2028 period. Strategy 28 describes the Bank's key priorities over the next three years. The ambition is for the GPFG to be the leading and most highly respected large investment fund globally and for the central bank to be Norway's leading institution in the field of macroeconomic analysis, maintaining world-class standards.