Regulation on Monetary Policy

Laid down by Royal Decree of 13 December 2019 pursuant to Section 1-4, Sub-section 1, of the Act of 21 June 2019 No. 31 on Norges Bank and the Monetary System etc (Central Bank Act). Issued by the Ministry of Finance.

Section 1

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

Section 2

Norges Bank is responsible for the implementation of monetary policy.

Section 3

The operational target of monetary policy shall be annual consumer price inflation of close to 2 percent over time. Inflation targeting shall be forward-looking and flexible so that it can contribute to high and stable output and employment and to counteracting the build-up of financial imbalances.

Section 4

Norges Bank shall regularly publish the assessments that form the basis of the implementation of monetary policy.

Section 5

This regulation enters into force on 1 January 2020. The Regulation of 2 March No. 305 on Monetary Policy is repealed from the same date.