Regulation on Monetary Policy

Laid down by Royal Decree on 2 March 2018 pursuant to Section 2, third paragraph, of Act No. 28 of 24 May 1985 on Norges Bank and the Monetary System etc (Norges Bank Act).

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 immediately. Regulation No 278 of 29 March 2001 on Monetary Policy is repealed from the same date.