(12.12.2002)

A number of charts are presented at the Executive Board's monetary policy meetings. The charts and their presentation are an important part of the basis for the Executive Board's interest rate decisions. Norges Bank wishes to provide greater transparency in connection with the interest rate decisions by publishing these charts on the Bank's website.

(11.12.2002)

Norges Bank's Executive Board decided today to reduce the key rate, the sight deposit rate, by 0.5 percentage point with effect from Thursday, 12 December 2002. The sight deposit rate will then be 6.5 per cent. According to Norges Bank's assessment, with an interest rate of 6.5 per cent, the probability that inflation two years ahead will be lower than 2½ per cent is greater than the probability that it will be higher.

(11.12.2002)

Norges Bank has decided to reduce the interest rate on banks' deposits with Norges Bank, the sight deposit rate, by 0.50 percentage point with effect from Thursday, 12 December. The interest rate on banks' overnight loans will also be reduced by 0.50 percentage point. The sight deposit rate and overnight lending rate will then be 6.50 per cent and 8.50 per cent respectively.

(11.12.2002)

Each year, the International Monetary Fund (IMF) assesses the Norwegian economy. During the last few days, a delegation from the IMF has visited Norway to gather information about the economic and financial situation and to discuss economic policy.

The delegation has had meetings with the Ministry of Finance, Norges Bank, other government institutions, the unions and employers' federations, the academic environment and representatives of private financial institutions.

The delegations report with a preliminary assessment of the Norwegian economy will be presented today.

(03.12.2002)

The address was held at a meeting hosted by Sparebank1 Nord-Norge in Bodø on 3 December at 6.30 p.m. The address was based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 30 October and on previous speeches. A preliminary assessment of some new aspects of economic developments was also presented.

(03.12.2002)

On 2 December, the Deputy Governor addressed a meeting arranged at Modum Sparebank. The lecture was based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 30 October and on previous speeches.

(28.11.2002)

"The outlook for financial stability in Norway is still satisfactory, but somewhat less favourable than in May 2002," said Central Bank Governor Svein Gjedrem when Norges Bank presented the report Financial Stability 2/2002 on Tuesday 28 November.

(26.11.2002)

The return on the Government Petroleum Fund in the third quarter of 2002 was -5.1 per cent measured in terms of the currency basket that corresponds to the composition of the Fund's benchmark portfolio. The negative return is due to an unusually sharp fall in most of the equity markets in which the Petroleum Fund is invested. Not since the first oil crisis in 1973-74 has there been a quarter in which global equity markets have fallen so steeply.

(20.11.2002)

The Central Bank Governor participated in a panel discussion on Transatlantic Economic Partnership - Nordic and American Perspectives arranged by the Nordic Investment Bank in New York.

(15.11.2002)

On Thursday, 14 November, the Deputy Governor addressed the participants at the Conference on Payment Systems 2002, hosted by the Banks' Payment and Central Clearing House (BBS). He presented Norges Bank's views on developments in the payment system and discussed issues related to efficiency in the Norwegian payment system today.

(14.11.2002)

The address was held before the Mid-Norway Chamber of Commerce and Industry in Trondheim. The lecture is based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 30 October and on previous speeches.

(13.11.2002)

The speech was given at a conference of the Confederation of Higher Education Unions in Kongsberg on 13 November at 4 30 pm. The theme of the conference was "Egoism or Collectivism?". The lecture is based the assessments presented at Norges Bank's press conference following the monetary policy meeting of the Executive Board on 30 October and previous speeches.

(13.11.2002)

Deputy Central Bank Governor Jarle Bergo gave a lecture at the Telemark University College on Wednesday, 13 November at 12.30 pm. The lecture is based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 30 October and on previous speeches.

(12.11.2002)

Norges Bank Investment Management is today announcing new external active mandates for the Government Petroleum Fund. The new mandates are within the consumer staples, consumer cyclicals, media and services sectors.

(06.11.2002)

Banks' production of payment services has become more efficient. As a result, unit costs measured in constant prices have been halved since 1994. This was shown by Norges Bank's survey of banks' costs in connection with performing payment services for retail and corporate customers. The survey is based on accounting data and additional information from 2001 for a selected number of banks and covers banks' most important cash and payment services. Similar surveys were also carried out in 1988 and 1994.

(30.10.2002)

Interest rates were left unchanged at Norges Bank's Executive Board meeting on 30 October. Norges Bank's key interest rate, the sight deposit rate, therefore remains at 7 per cent. According to Norges Bank's overall assessment, with an unchanged interest rate ahead, the probability that inflation two years ahead will be higher than 2½ per cent is the same as the probability that it will be lower.

(30.10.2002)

Norges Bank will release documents providing a broader account of the reasoning behind interest rate decisions. The strategy documents that are drawn up every fourth month will be available four months following the Executive Board’s deliberations.

(30.10.2002)

Interest rates were left unchanged at Norges Bank's Executive Board meeting on 30 October. Norges Bank's key rate, the sight deposit rate, therefore remains at 7.00 per cent. The overnight lending rate also remains unchanged.

(30.10.2002)

In 2003, Norges Bank’s Executive Board will continue its practice of engaging in a broad discussion of monetary policy every six weeks. Any decisions concerning interest rate changes or other important changes in the use of monetary policy instruments will normally be taken at these meetings. The Executive Board’s decisions will be announced the same day at 2 pm.

(30.10.2002)

The Inflation Report contains a review of developments in the Norwegian economy and other factors that influence the inflation outlook. It also provides an assessment of the balance of risks and the uncertainty surrounding the Bank's projections. The report is published three times a year. Norges Bank's Inflation Report 3/2002 is available on Norges Bank's website.

(17.10.2002)

Central Bank Governor Svein Gjedrem gave a lecture at the Norwegian School of Economics and Business Administration in Bergen on Thursday, 17 October at 12.15 pm. The lecture is partly based on the assessments presented at Norges Bank's press conference after the monetary policy meeting of the Executive Board on 18 September and on previous speeches.

(16.10.2002)

The Central Bank Governor delivered a speech to the Finance Group at the Norwegian School of Economics and Business Administration in Bergen Wednesday, 16 October at 6.15 pm. The speech is partly based on the assessments presented at Norges Bank's press conference after the monetary policy meeting of the Executive Board on 18 September and previous speeches.

(20.09.2002)

On 20 September the Governor of Norges Bank, Mr Svein Gjedrem, is holding two addresses in Tromsø. The first is being held at the University of Tromsø, and the second at SpareBank1 Nord-Norge. The addresses are based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 18 September, and on previous speeches.

(19.09.2002)

The Central Bank Governor, Mr Svein Gjedrem, is holding an address for the Executive Board of the Confederation of Norwegian Business and Industry (NHO) on the coastal steamer on Thursday, 19 September at 9 am. In his address, the Governor discusses the guidelines for and conduct of monetary policy and the current economic situation. The address is based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 18 September and on previous speeches.

(18.09.2002)

Interest rates were left unchanged at Norges Bank's Executive Board meeting on 18 September. Norges Bank's key interest rate, the sight deposit rate, therefore remains at 7 per cent. According to Norges Bank's assessment, with an unchanged interest rate, the probability that inflation two years ahead will be higher than 2½ per cent is the same as the probability that it will be lower.

(18.09.2002)

Interest rates were left unchanged at Norges Bank's Executive Board meeting on 18 September 2002. Norges Bank's key interest rate, the sight deposit rate, therefore remains at 7.0 per cent. The overnight lending rate also remains unchanged.

(17.09.2002)

(17.09.2002)

The Governor of Norges Bank, Mr Svein Gjedrem, has accepted an invitation to participate in the publication of the Norges Bank Watch report for 2002 at 6 pm on Thursday 19 September. The report, an evaluation of Norwegian monetary policy over the past year, is commissioned by the Centre for Monetary Economics at the Norwegian School of Management, BI. The report will be presented by Professor Lars E. O. Svensson of Princeton University, after which Mr Gjedrem will add a commentary.

(16.09.2002)

(06.09.2002)

On 6 September the Central Bank Governor will be giving an address at the conference "Changing national wage negotiation regimes: Nordic tendencies in a comparative perspective", arranged by the Fafo Institute for Applied Social Science and the research group "Power and Democracy". The theme of the part of the conference in which the Governor is participating is: "Changes in national economic policy regimes. Practitioners' views on wage negotiations and monetary policy".

(05.09.2002)

The Deputy Governor of Norges Bank will be speaking at a seminar hosted by the Norwegian Association of Economists on Thursday, 5 September at 12.30 pm. The Deputy Governor will discuss the relationships between monetary policy, cyclical fluctuations and competitiveness. In the long term, monetary policy cannot influence output, employment or competitiveness. However, by practising flexible inflation targeting, a reasonable trade-off between inflation variability and output variability can be attained in the short term. The address is based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 7 August and on previous speeches.

(30.08.2002)

The Central Bank Governor is giving an address in connection with Kommunalbanken's 75th anniversary on Friday 30 August at 1.30 p.m. The address is based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 7 August and on previous speeches. The Governor will also discuss the importance of a smoothly functioning bond market, and how this may be affected by changes in the pension system. The effect on local government will also be considered.

(28.08.2002)

The Governor has an article in Dagsavisen Wednesday, 28 August.

(27.08.2002)

The return on the Government Petroleum Fund in the second quarter of 2002 was -2.9 per cent measured in terms of the currency basket that corresponds to the composition of the Fund's benchmark portfolio. The negative return is due to a clear fall in the most important stock markets, particularly in the US and Europe. A price fall of 12.0 per cent was recorded for the equity portfolio. The decline in the equity market was accompanied by falling yields, and hence a rise in prices for the Petroleum Fund's fixed income investments. The return on the fixed income portfolio was 3.6 per cent.

(24.08.2002)

The Central Bank Governor participates in a panel discussion with his Nordic colleagues at the ACI Nordic Congress in Gothenburg on 24 August. In his introduction, Governor Gjedrem discusses structural differences between the Nordic countries. The introduction is based on the assessments presented at Norges Bank's press conference after the monetary policy meeting of the Executive Board of 7 August, as well as earlier speeches.

(21.08.2002)

The Central Bank Governor is addressing the Norwegian United Federation of Trade Unions today, Wednesday 21 August, at 9.40 am. The address is based on the assessments presented at Norges Bank's press conference after the monetary policy meeting of the Executive Board of 7 August, as well as earlier speeches.

(21.08.2002)

Norges Bank Investment Management is today announcing new external active mandates for the Government Petroleum Fund. The new mandates consist of global mandates in the telecommunication services sector and a regional mandate for the Pacific region in the financials sector.

(07.08.2002)

Interest rates were left unchanged at Norges Bank's Executive Board meeting on 7 August. Norges Bank's key interest rate, the sight deposit rate, therefore remains at 7 per cent. According to Norges Bank's assessment, with an unchanged interest rate, the probability that inflation two years ahead will be higher than 2½ per cent is greater than the probability that it will be lower.

(07.08.2002)

Interest rates were left unchanged at Norges Bank’s Executive Board meeting on 7 August 2002. Norges Bank’s key interest rate, the sight deposit rate, therefore remains at 7.0 per cent. The overnight lending rate also remains unchanged.

(05.08.2002)

(03.07.2002)

The Executive Board of Norges Bank has today decided to increase its key rate, the sight deposit rate, by 0.5 percentage point with effect from tomorrow, 4 July. The sight deposit rate will hence be 7.0 per cent. According to Norges Bank's overall assessment of the balance of risks, the probability that inflation two years ahead will be higher than 2½ per cent is greater than the probability that it will be lower.

(03.07.2002)

Norges Bank has decided to increase the interest rate on banks' deposits with Norges Bank, the sight deposit rate, by 0.50 percentage point with effect from Thursday, 4 July. The interest rate on banks' overnight loans will also be increased by 0.50 percentage point. The sight deposit rate and overnight lending rate will hence be 7.00 per cent and 9.00 per cent.

(03.07.2002)

The Inflation Report contains a review of developments in the Norwegian economy and other factors that influence the inflation outlook. It also provides an assessment of the balance of risks and the uncertainty surrounding the Bank's projections. The report is published three times a year. Norges Bank's Inflation Report 2/2002 is available on Norges Bank's website.

(02.07.2002)

The Report on Payment Systems which was published in Norwegian on 29 April is now available in English. The report provides the annual survey of the use and pricing of various payment instruments. The report also provides a summary of legal and contractual conditions which regulate the payment system in Norway. A study of the efficiency of the Norwegian payment system, described in Chapter 1 of the report, concludes that the Norwegian payment system is efficient compared to most other countries.

(01.07.2002)

(17.06.2002)

The Governor of Norges Bank is giving a speech in Stord, Western Norway, at a meeting hosted by Sparebank 1 Vest and Industrinettverket AS, today at 5 pm. In his speech, Mr. Gjedrem will be discussing the guidelines for Norway's economic policy and the challenges facing manufacturing industry in the light of high wage growth and deteriorating competitiveness. The address is based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 22 May and on previous speeches.

(11.06.2002)

The Governor of the Central Bank addressed the employers' organisation NAVO's general assembly in Oslo on Tuesday, 11 June. In his speech, Mr. Gjedrem discussed the guidelines for Norway's economic policy and the connection between wage growth and the interest rate. The address was based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 22 May and on previous speeches.

(10.06.2002)

Speech by Central Bank Governor Svein Gjedrem at the Norwegian School of Management's Centre for Monetary Economics Monday, 10 June 2002

(04.06.2002)

Mr Gjedrem spoke at an international banking seminar held by Sparebanken Mørre in Ãlesund on Tuesday, 4 June at 2 pm. He discussed the challenges which Norway's petroleum wealth poses for economic policy as well as the interaction between monetary and fiscal policy within the framework of the current economic guidelines. The address was based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 22 May and on previous speeches.

(30.05.2002)

The return on the Government Petroleum Fund in the first quarter of 2002 was 0.6 per cent measured by the currency basket that corresponds to the composition of the Fund’s benchmark portfolio. Share prices in the three main markets, the US, Europe and Japan, fell at the beginning of the quarter, but rose again towards the end of the quarter. The return on the equity portfolio was 2.3 per cent. The return on the fixed income portfolio was -0.6 per cent, following the rise in bond yields in the US and Europe.

(28.05.2002)

“The outlook for financial stability in Norway is still satisfactory, despite continued high credit growth,” says Mr Jarle Bergo, Deputy Central Bank Governor of Norges Bank.

On Tuesday, 28 May Norges Bank presented the report Financial Stability 1/2002.

(27.05.2002)

(22.05.2002)

Interest rates were left unchanged at Norges Bank's Executive Board meeting on 22 May. Norges Bank's key interest rate, the sight deposit rate, therefore remains at 6.50 per cent. According to Norges Bank's overall assessment of the balance of risks, with an unchanged interest rate ahead, the probability that inflation two years ahead will be higher than 2½ per cent is greater than the probability that it will be lower.

(22.05.2002)

Interest rates were left unchanged at Norges Bank’s Executive Board meeting on 22 May. Norges Bank’s key interest rate, the sight deposit rate, therefore remains at 6.50 per cent. The overnight lending rate also remains unchanged.

(21.05.2002)

(14.05.2002)

Norges Bank Investment Management is today announcing new external active mandates for the Norwegian Government Petroleum Fund. The Fund is 40 per cent invested in global equities, valued at USD 27.4 billion as of 31st December 2001. External managers are managing USD 11.6 billion of the total equity portfolio. The inflow to the overall Fund during 2002 will be around USD 17 billion, based on figures from the Revised National Budget for 2002.

(29.04.2002)

From 2000 to 2001 the number of payments made by PC/Internet doubled, and in 2001 almost as many credit transfer (giro) payments were made by this means as were made by mail. The use of payment cards has increased by about 20 per cent annually since 1996, and cards are the most widely used payment instrument in Norway. Electronic payment instruments like cards and giros paid via PC/Internet are generally more cost-effective than paper-based instruments. Increased use of electronic payment instruments therefore reduces the overall costs associated with the payment system.

(25.04.2002)

Deputy Governor Jarle Bergo gave a speech at the Norwegian Petroleum Society's Oil and Gas Conference in Oslo on Thursday, 25 April 2002 at 10 am. He discussed the conversion of national wealth from petroleum reserves in the North Sea to financial wealth in the Government Petroleum Fund and the experience of other countries with abundant natural resources. He also discussed Norway's approach with regard to the management of the Petroleum Fund and the use of revenues generated by this wealth.

(22.04.2002)

(16.04.2002)

On 16 April, Norges Bank is putting a new version of the 200-krone note into circulation. The note has been upgraded to the same security level as the 500-krone and 1000-krone notes, which both have a wide, holographic, metallic strip to the right of the portrait on the obverse of the note. When the note is held at different angles, different parts of the Norse horse on the metallic strip will light up in a variety of colours, even when lighting is poor. The metallic strip makes it easier to identify a genuine banknote.

(10.04.2002)

Interest rates were left unchanged at Norges Bank’s Executive Board meeting on 10 April. Norges Bank’s key interest rate, the sight deposit rate, therefore remains at 6.50 per cent.

(10.04.2002)

Interest rates were left unchanged at Norges Bank’s Executive Board meeting on 10 April. Norges Bank’s key interest rate, the sight deposit rate, therefore remains at 6.50 per cent. The overnight lending rate also remains unchanged.

(09.04.2002)

(05.04.2002)

Mr. Svein Gjedrem spoke at a breakfast meeting at SR-Bank in Stavanger on Friday, 5 April at 8:30 am. He discussed the guidelines for economic policy, Norges Bank's assessment of developments in the Norwegian economy and the challenges posed by Norway's petroleum wealth.

(26.03.2002)

The Norges Bank Act from 1985 gave Norges Bank responsibility for promoting an efficient payment system. In keeping with the increased focus on risk in the payment system, both nationally and internationally, Norges Bank's work on payment system issues has also changed. The Payment Systems Act of 1999, which gives Norges Bank responsibility for authorisation and supervision of interbank systems, is important for the central bank's work in this area. In order to explicitly define our objectives for and roles in the payment system, Norges Bank has made public the basis for its oversight and supervision of the payment system.

(21.03.2002)

The Governor’s annual address to the diplomatic corps attracted about 70 guests to Norges Bank on Thursday, March 21. The event, which is organised in cooperation with the Ministry of Foreign Affairs, has become a popular meeting place for ambassadors and other diplomats who take advantage of the occasion to become updated on key issues facing the Norwegian economy.

(20.03.2002)

The Central Bank Governor addressed the Executive Board of the Federation of Norwegian Manufacturing Industries in Oslo on Wednesday, 20 March at 4 pm. The Governor explained the conduct of monetary policy and the interplay between fiscal policy, the interest rate and competitiveness, with emphasis on their significance for industries exposed to competition.

(14.03.2002)

The Central Bank Governor addressed a Board Meeting of the National Insurance Fund on Thursday 14 March. In his address, Mr Gjedrem took a closer look at the conduct of monetary policy and the fiscal guideline for the phasing in of petroleum revenues. He then went on to discuss the management of Norway's petroleum wealth. The address was based on the assessments presented at Norges Bank's press conference following the Executive Board’s monetary policy meeting on 27 February 2002 and on previous speeches.

(06.03.2002)

The return on the Government Petroleum Fund in 2001 was -2.5 per cent measured in international currency. The result was depressed by a weak trend in international equity markets, particularly in the third quarter. The return on the equity portfolio was -14.6 per cent. Bond markets exhibited a positive trend, and the return on the fixed income portfolio was 5.0 per cent.

(05.03.2002)

(27.02.2002)

Interest rates were left unchanged at Norges Bank’s Executive Board meeting on 27 February. Norges Bank’s key interest rate, the sight deposit rate, therefore remains at 6.50 per cent.

(27.02.2002)

The Inflation Report contains a review of developments in the Norwegian economy and other factors that influence the inflation outlook. It also provides an assessment of the balance of risks and the uncertainty surrounding the Bank's projections. The report is published three times a year. Norges Bank's Inflation Report 1/2002 is available on Norges Bank's website.

(27.02.2002)

Interest rates were left unchanged at Norges Bank’s Executive Board meeting on 27 February. Norges Bank’s key interest rate, the sight deposit rate, therefore remains at 6.50 per cent. The overnight lending rate also remains unchanged.

(26.02.2002)

(25.02.2002)

Norges Bank Investment Management is today announcing new external active mandates for the Government Petroleum Fund. The new mandates again represent NBIM Equity’s sector approach, and are specialist mandates for stocks in specific sectors.

(14.02.2002) Central Bank Governor Svein Gjedrem delivered his annual address to the members of the Supervisory Council of Norges Bank and specially invited guests on Thursday, 14 Feburary at 6 pm. An English translation of the address is available on our website.

(14.02.2002)

Norges Bank has transferred NOK 8.9 billion to the Treasury from the Bank’s Transfer Fund. This transfer is based on an average of the Bank’s allocations to the Transfer Fund in the three preceding years.

(12.02.2002)

(31.01.2002) The Deputy Central Bank Governor, Jarle Bergo, held an address at the Capital Markets Seminar hosted by Terra-Gruppen AS at Gardermoen on Thursday, 31 January at 10.30 a.m. In the address he presents a review of the Norwegian and international economic situation, with emphasis on the inflation outlook. Mr Bergo also discusses briefly the effects of the guidelines for fiscal policy on the formulation of monetary policy. The address is based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 23 January, and on previous addresses.

(25.01.2002) Deputy Governor Jarle Bergo spoke at the seminar on foreign exchange policy issues arranged by the Association of Economists in Gausdal on Friday, 25 January 2002 at 11 am. Mr. Bergo took a closer look at the implementation of monetary policy and discussed the guidelines for the phasing in of petroleum revenues. He also considered the implications for our industry structure of the increased use of petroleum revenues.

(23.01.2002)

Interest rates were left unchanged at Norges Bank’s Executive Board meeting on 23 January. Norges Bank's key interest rate, the sight deposit rate, therefore remains at 6.50 per cent.

(23.01.2002)

Interest rates were left unchanged at Norges Bank’s Executive Board meeting on 23 January. Norges Bank’s key interest rate, the sight deposit rate, therefore remains at 6.50 per cent. The overnight lending rate also remains unchanged.

(23.01.2002)

(11.01.2002) The Governor of the Central Bank of Norway spoke to the Federation of Norwegian Agricultural Cooperatives in Trondheim on Friday, 11 January at 9 am. Mr. Gjedrem provided an account of the conduct of monetary policy. He also discussed the consequences for the goods-producing industries of the fact that the authorities, through the new guidelines for fiscal policy, intend to increase the use of petroleum revenues. Finally, Mr. Gjedrem called attention to a number of challenges facing the food industry in Norway.

(04.01.2002)