Objectives and responsibilities

Norges Bank shall promote economic stability in Norway.

In other words, developing and safeguarding economic stability is our primary objective in all areas for which responsibility has been delegated to the Bank as a public institution by the political authorities.

The objectives of the Bank's core activities are:

• Price stability
• Financial stability
• Added value in investment management

In other words, Norges Bank shall promote price stability by means of a monetary policy that is oriented towards low and stable inflation.

Norges Bank shall promote financial stability and foster robust and efficient financial infrastructures and payment systems.

Norges Bank shall create added value through its investment management activities and manage its portfolios in a sound and efficient manner.

Norges Bank shall operate efficiently and smoothly and the Bank's staff shall direct their efforts to working as closely as possible in accordance with best international practice. We shall demonstrate the will and the capacity for change. Norges Bank shall inspire confidence. Norges Bank shall be modest in its use of resources.

Norges Bank is organised into wings and departments with their own prime objectives, action plans and performance targets.

Monetary Policy:

shall contribute to balanced economic developments and to the attainment of the inflation target. The wing's main responsibilities consist of:

• Providing advice on the conduct of monetary policy
• Managing the most liquid portion of the foreign exchange reserves
• Contributing to result-oriented international economic cooperation
• Conducting economic research and performing analyses

Financial Stability:

The wing shall contribute to robust and efficient payment systems and financial markets. Its main responsibilities consist of:

• Contributing to efficient and secure payment systems nationally and vis-à-vis other countries.
• Discharging the Bank's responsibility for authorising and supervising interbank systems
• Monitoring and analysing financial institutions and financial markets
• Contributing to suitable framework conditions for financial institutions and financial markets
• Performing the central bank's role as a lender of last resort vis-à-vis the financial system
• Administering the central government's consolidated account with Norges Bank and managing the central government's domestic debt securities
• Ensuring that notes and coins are issued and distributed in accordance with the needs of the general public, and ensuring that notes and coins have properties conducive to efficient use.

Norges Bank Investment Management:

shall be a first-class management organisation by international standards and shall ensure satisfactory management of the foreign currency portfolios for which Norges Bank is responsible. The wing's main responsibilities consist of:

• Managing the foreign currency portfolio of the Government Pension Fund - Global (formerly Government Petroleum Fund) on behalf of the Ministry of Finance
• Managing the foreign currency portfolio of the Government Petroleum Insurance Fund on behalf of the Ministry of Petroleum and Energy
• Managing Norges Bank's long-term portfolio of foreign exchange reserves.

Norges Bank Staff and Group Services:

The wing shall provide the central bank management and other wings with necessary services to promote an efficient and dynamic organisation. The wing's main responsibilities consist of:

• Delivering functional IT solutions
• Safeguarding the management of the bank's assets, buildings and technical installations
• Promoting an efficient and prudent use of resources through sound budgeting, accounting and purchasing routines
• Co-ordinating documentation and information internally and vis-à-vis the general public.
• Producing banknotes
• Helping to ensure that there are good working conditions

The Legal Department

The department is a special staff unit working within the Bank's entire field of operation.

Norges Banks Audit Department

The Audit Department's responsibilities are organised directly under the Supervisory Council, and consist primarily of:

• Auditing of the Bank’s annual financial statements and other financial reporting
• Ensuring that management of the Bank’s assets and financial affairs is subject to  satisfactory control, that operations are conducted in a financially sound manner and that the Bank's activities are conducted in accordance with laws, agreements, resolutions and preconditions