norges bank

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      Norges Bank (Bokmål: Norges Bank, Nynorsk: Noregs Bank, lit. 'Bank of Norway') is the central bank of Norway. It is responsible for managing the Government Pension Fund of Norway, which is the world's largest sovereign wealth fund, as well as the bank's own foreign exchange reserves.


      History


      The history of the central bank of Norway can be traced back to 1816, when, two years after the separation from Denmark and the union with Sweden, Norges Bank was established by an Act of the Storting (the Norwegian parliament) on 14 June. The bank then decided that the monetary unit was to be the speciedaler (rixdollar), divided into 120 skillings or five ort ("rigsort") of 24 skillings each.
      The Money Act of 17 April 1875 discontinued the terms daler and skilling, and it was decided that the monetary unit should be a krone, divided into 100 øre. This was done to prepare for Norway's entry, on 16 October that year, into the Scandinavian Monetary Union. This union had been established between Denmark and Sweden in 1873 on the recommendation of a joint commission (in which Norway participated) to establish a common Scandinavian coin based on gold. It meant that the other countries' coins were to be legal tender on the same basis as those struck at home. The union functioned until 1914; thereafter it lacked all practical significance, but was not formally abolished until 1972.
      On 1 January 1897 the seat of Norges Bank was moved to Kristiania (Oslo) from Trondheim, and in 1906 a new headquarters building on Bankplassen was opened - for 80 employees including the workers in the banknote printing plant.
      During the Second World War, the seat of Norges Bank was temporarily moved to London in 1940, in that the Norwegian government-in-exile established a new board. The bank's gold reserves were evacuated via Åndalsnes, Molde and Tromsø to London, and from there to New York and Ottawa. This gold and the bank's other currency reserves were under the control of the London board. At the same time, the bank continued its operations in Norway under the direction of the Nazis until the war was over and the London board stepped down. A commission of inquiry after the war concluded that the bank's Oslo management had taken a firm and correct attitude towards the Nazi authorities. In 1962, the Mint Supervisory Authority and the Royal Mint were transferred from the state to Norges Bank.


      Norges Bank Investment Management



      Norges Bank Investment Management (NBIM) is a separate branch of Norges Bank and is responsible for the management of the Government Pension Fund - Global. NBIM also manages Norges Bank's foreign exchange reserves. NBIM invests the fund's assets and the foreign exchange reserves in international equities and fixed income instruments, money market instruments and derivatives.


      List of Central Bank Governors


      The following is a list of past and present governors of the Norges Bank. The Act of 1892 gave the board a permanent chairman. In 1985 the term Executive Board was introduced, and the chairman was entitled Governor of the Central Bank, the following people have served as chairmen and governors.

      Karl Gether Bomhoff (1893–1920)
      Nicolai Rygg (1920–1946)
      Arnold C. Ræstad (head of the London branch 1940–1945)
      Gunnar Jahn (1946–1954)
      Erik Brofoss (1954–1970)
      Knut Getz Wold (1970–1985)
      Hermod Skånland (1985–1993)
      Torstein Moland (1994–1995)
      Kjell Storvik (1996–1998)
      Svein Gjedrem (1999–2010)
      Øystein Olsen (2011–2022)
      Ida Wolden Bache (2022–present)


      = London branch

      =
      Arnold C. Ræstad (head of the London branch 1940–1945)


      See also


      Economy of Norway
      Norwegian krone
      Gold reserves of Norway
      List of central banks


      References




      External links


      Official site: Norges Bank (in Norwegian)
      Official site: Norges Bank (in English)

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    norges bank

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    Norges Bank

    Norges Bank is the central bank of Norway and shall promote economic stability in Norway. Norges Bank also manages the Government Pension Fund Global. The central bank does not offer any banking services to the general public.

    About the Bank - Norges Bank

    Norges Bank is Norway's central bank. The Bank shall promote economic stability in Norway. Norges Bank also manages the Government Pension Fund Global and the bank’s own foreign exchange reserves.

    All topics - Norges Bank

    Norges Bank’s monetary policy strategy statement; Output gap; Models for monetary policy analysis and forecasting

    Valutakurser - Norges Bank

    Valutakursene til Norges Bank er midtkurser, det vil si midtpunktet mellom kjøps- og salgskursen i interbankmarkedet på et gitt tidspunkt. Valutakursene er ment som en indikasjon og er ikke bindende for Norges Bank eller bankene. Kursene publiseres ca. kl. 16.00.

    Norges Bank signs instant payment settlement agreement with …

    Nov 29, 2024 · Norges Bank has signed an agreement with the European Central Bank (ECB) to participate in TARGET Instant Payment Settlement (TIPS). TIPS facilitates the sound development of Norwegian instant payments in the years ahead.

    News - Norges Bank

    Norges Bank to purchase NOK and sell foreign currency to fund transfers to the government Norges Bank’s Executive Board has decided to purchase NOK to fund the transfer of dividends to the government for the 2024 financial year.

    Web report 2024-2 Financial stability - Norges Bank

    There is uncertainty concerning future developments in the Norwegian economy. Norges Bank has conducted a new sensitivity analysis showing that 3.5% of households may have a negative margin at a lending rate of 8.8%, which is 3 percentage points higher than actual interest rates in …

    Web report 2024-1 Financial stability - Norges Bank

    The Norwegian financial system is robust. High earnings, efficient operations and solid buffers ensure that banks are resilient. Norges Bank’s stress test shows that banks can still lend even if losses were to increase substantially owing to an economic downturn. Unchanged capital buffer requirements for banks contribute to maintaining ...

    Web report MPR 4/2024 - Norges Bank

    Norges Bank’s Monetary Policy and Financial Stability Committee decided to keep the policy rate unchanged at 4.5% at its meeting on 18 December. Based on the Committee’s current assessment of the outlook, the policy rate will most likely be reduced in March 2025.

    Web report Financial infrastructure 2024 - Norges Bank

    Norges Bank assesses the financial infrastructure in Norway as secure and efficient, operations are stable and payments can be made swiftly, at low cost.