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Norges Bank Monetary Policy

The Monetary Policy wing 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

Activities in Norges Bank Monetary Policy are oriented towards contributing to balanced economic growth and necessary price stability. Responsibilities include research, reports and analyses relating to the formulation and implementation of monetary policy. It is an objective that monetary policy is conducted with a view to supporting its credibility. Work in this area involves contact with participants in financial markets, international organisations, public authorities and academic communities. Norges Bank Monetary Policy has five departments.

Executive Director: Jan F. Qvigstad
Deputy Executive Director: Jon Nicolaisen
Telephone: +47 22 31 61 82

Economics Department

The Economics Department monitors and analyses domestic economic developments and prepares Norges Bank’s Monetary Policy Report, which is issued three times a year. The Department is responsible for the Bank’s regional network, established to strengthen the analytical base through direct contact with enterprises, organisations and municipalities. The Department’s tasks also include the use and development of economic models for forecasting purposes and political analysis.

Director: Anne Berit Christiansen
Telephone: +47 22 31 64 22

International Department

The International Department monitors and analyses international economic developments. The Department has a coordinating function regarding monetary policy issues to be presented to the Governor. The International Department has operational responsibility for Norway’s work in the IMF and for taking care of Norges Bank’s interests and activities on other international issues.

Director: Audun Grønn
Telephone: +47 22 31 64 22 / +47 22 31 62 16

Monetary Policy Department

The department works on monetary policy issues, including advice about the formulation and orientation of monetary policy instruments, and assists the executive directors and leaders of the Bank in communicating and providing information about the conduct of monetary policy.

Director: Amund Holmsen
Telephone: +47 22 31 64 22

Department for Market Operations and Analysis

The department participates in shaping monetary policy, and executes Norges Bank's monetary policy transactions in the domestic money and bond market and in the foreign exchange market. Its responsibilities include purchasing foreign exchange for the Petroleum Fund. The department has extensive contact with market participants in Norway and abroad and works on analyses of the various markets and on Norwegian monetary and exchange rate policy. The department is also responsible for managing the most liquid portion of the foreign exchange reserves and for providing Norges Bank's advice concerning the central government's domestic borrowing.

Director: Jannecke Ebbesen

Research Department

The department's employees carry out research in the areas of macroeconomics and monetary policy, financial markets and financial institutions and asset management. The quality of the research must be such that it qualifies for publication in refereed international or national journals.

Director: Øyvind Eitrheim
Telephone: +47 22 31 62 47