(23.12.2003)

Executive Director Jon A. Solheim, Norges Bank, will take office as executive director for the Nordic-Baltic countries in the International Monetary Fund (IMF) at the IMF's headquarters in Washington DC for a two-year term beginning in January 2004.

(22.12.2003) Summaries of reports from Norges Bank's regional network are now available.

(18.12.2003) The charts presented at the Executive Board's monetary policy meeting on 17 December 2003 are now available.

(17.12.2003)

Norges Bank's Executive Board decided today to reduce the interest rate on banks' deposits with Norges Bank, the sight deposit rate, by 0.25 percentage point to 2.25 per cent with effect from 18 December 2003. The interest rate on banks' overnight loans is being reduced correspondingly. According to Norges Bank's assessment, with a sight deposit rate of 2.25 per cent at present, the probability that inflation two years ahead will be lower than 2½ per cent is greater than the probability that it will be higher.

(10.12.2003) Mr. Jarle Bergo, deputy governor of Norges Bank, gave a speech on 10 December at the seminar entitled "Central Bank and Financial Stability" in Jakarta. The seminar was arranged in connection with the 50th anniversary of Bank Indonesia. Mr. Bergo spoke about how the banking crisis in Norway in the early 1990s was resolved.

(09.12.2003)

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.

(03.12.2003) Mr. Jarle Bergo, Deputy Governor of Norges Bank, gave a speech in Hamar on 3 December 2003. The text is based on the speech entitled "Monetary policy and the outlook for the Norwegian economy" given by Mr. Svein Gjedrem, Governor of Norges Bank, in Trondheim on 13 November.

(01.12.2003)

Norges Bank Investment Management (NBIM) today announces new external active equity mandates for the Norwegian Government Petroleum Fund. The Fund is valued at USD 114 billion (NOK 803 billion) as of the end of the third quarter of 2003. Forty per cent of the Fund is invested in global equities. Currently, 39 mandates totalling USD 21.2 billion are managed by 17 different managers.

(01.12.2003) The Governor of Norges Bank appeared before the Standing Committee on Finance and Economic Affairs of the Storting (Norwegian parliament) on 1 December at an open hearing on the conduct monetary policy. Mr. Gjedrem's introductory statement is available on Norges Bank's website.

(26.11.2003)

The return on the Government Petroleum Fund in the third quarter of 2003 was 1.7 per cent measured in terms of the currency basket that corresponds to the composition of the Fund's benchmark portfolio. Global equity markets rallied, and the return on the equity portfolio was 4.2 per cent. The return on the fixed income portfolio,   however, was slightly negative, -0.2 per cent.

(25.11.2003)

The decline in interest rates this year has substantially strengthened household and corporate sector debt servicing capacity. Fewer companies went bankrupt in the third quarter, and the total market value of bankrupt entities has fallen since last autumn. Banks' earnings have fallen somewhat by comparison with 2002, but improved from the second to the third quarter of this year. On balance, we consider the outlook for stability in the financial sector to be satisfactory, and somewhat improved compared with six months ago", said Governor Svein Gjedrem in connection with the publication of the report Financial Stability 2/2003 on Tuesday, 25 November.
Webcast of press conference (in Norwegian).

(17.11.2003) Mr. Jarle Bergo, Deputy Governor of Norges Bank, gave a speech in Molde on 17 November 2003. The text is based on the speech entitled "Monetary policy and the outlook for the Norwegian economy" given by Mr. Svein Gjedrem, Governor of Norges Bank, in Trondheim on 13 November.

(17.11.2003) Mr. Gjedrem gave a speech in Oslo on 17 November 2003. The speech is based on "Monetary policy and the outlook for the Norwegian economy", a speech given by Mr. Gjedrem in Trondheim on 13 November 2003.

(13.11.2003) Mr. Svein Gjedrem, Governor of Norges Bank, gave a speech to the Mid-Norway Chamber of Commerce and Industry inTrondheim on 13 November 2003.

(03.11.2003) Summaries of reports from Norges Bank's regional network are now available.

(30.10.2003) The charts used as background material for the Executive Board's monetary policy meeting on 29 October are now available.

(29.10.2003) Norges Bank's strategy documents form the basis for monetary policy decisions made by Norges Bank's Executive Board. Strategy Document 2/2003 concerns the conduct of monetary policy in the period 25 June 2003 to 28 October 2003. The document was discussed at the Executive Board's meeting on 4 June 2003 and was approved by the Executive Board at its meeting on 25 June 2003.

(29.10.2003) The Inflation Report contains a review of developments in the Norwegian economy and other factors that influence the inflation outlook. The report is published three times a year. Norges Bank's Inflation Report 3/2003 is available on our website.

(29.10.2003)

Interest rates were left unchanged at Norges Bank's Executive Board meeting on 29 October 2003. Norges Bank's key interest rate, the sight deposit rate, therefore remains at 2.5 per cent. The overnight lending rate also remains unchanged. Deputy Central Bank Governor Jarle Bergo states that according to Norges Bank's assessment, with a sight deposit rate of 2.5 per cent at present, 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.

(29.10.2003)

From now on, the press release about the interest rate decision of Norges Bank's Executive Board, which will be published at 2.00 pm today, will provide an account of the background for the interest rate decision. The account will replace the "Introduction to the press conference", which has previously been published at 2.45 pm. Deputy Governor Jarle Bergo will hold the press conference about the Inflation Report and the interest rate decision at 2.45 pm. The press conference will be webcast live on the Bank's website.

(23.10.2003) The EU Commission presented in July 2003 its third proposal for new capital adequacy requirements for credit institutions and investment firms. In a joint response to the EU Commission Kredittilsynet and Norges Bank support the main principles regarding more risk-based capital requirements. However, the response states that consequences to the banks' level of core capital might be high, and the EU Commission should consider this in its further work with the new rules. Estimates show that the core capital requirements for Norwegian Banks will be significantly reduced following the proposal from the EU Commission.

(22.10.2003) Speech by Deputy Governor of Norges Bank Jarle Bergo
to the Norwegian-Swedish Chamber of Commerce, Stockholm, 22 October 2003

(19.10.2003) On 19 October, the Deputy Governor spoke at a seminar hosted by Aon Grieg Investors in Zürich. The speech was based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 17 September and on previous speeches and publications.

(15.10.2003) Mr. Svein Gjedrem, Governor of Norges Bank, gave a speech in Stavanger on 15 October in connection with a seminar hosted by Handelsbanken. The text is based on the speech entitled "Monetary policy and business cycles" given by Deputy Governor Jarle Bergo in Bodø on 25 September. The speech does not contain any assessment of the impact of the National Budget on economic developments. New assumptions concerning the budget will be incorporated in the analysis presented in the Inflation Report to be published on 29 October.

(13.10.2003) Mr. Svein Gjedrem, Governor of Norges Bank, gave a speech in Stavern on 13 October in connection with a seminar hosted by Sparebank 1 Vestfold. The text is based on the speech entitled "Monetary policy and business cycles" given by Deputy Governor Jarle Bergo in Bodø on 25 September. The speech does not contain any assessment of the impact of the National Budget on economic developments. New assumptions concerning the budget will be incorporated in the analysis presented in the Inflation Report to be published on 29 October.

(08.10.2003)

In the National Budget for 2004, the Ministry of Finance considers a number of questions connected with the Petroleum Fund's investment strategy, on the basis of input from Norges Bank and the consulting company Mercer Investment Consulting.

(02.10.2003) Mr. Svein Gjedrem, Governor of Norges Bank, gave a speech at a business seminar in Svolvær on 2 October. The speech is based on "Monetary policy and business cycles", a speech given by Deputy Governor Jarle Bergo in Bodø on 25 September.

(30.09.2003) The Governor of Norges Bank, Mr Svein Gjedrem, has accepted an invitation to participate in the publication of the Norges Bank Watch report for 2003 at 11am on Tuesday 30 September. The report, an evaluation of Norwegian monetary policy over the past year, is commissioned by the Centre for Monetary Economics at BI Norwegian School of Management. The report will be presented by Thomas Ekeli (Pareto), Anne K. Haug (Econ), Kjetil Houg (Alfred Berg) and Erling Steigum (BI Norwegian School of Management), after which Mr Gjedrem will add a commentary.

(25.09.2003) Mr Gjedrem addressed the Norwegian Savings Banks’ annual meeting in Røros on 25 September. The discussion of monetary policy is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 17 September.

(25.09.2003) On 25 September, the Deputy Governor spoke at Kunnskapsparken in Bodø. The address was based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 17 September and on previous speeches.

(22.09.2003) Summaries of reports from Norges Bank's regional network are now available on our website.

(18.09.2003) The charts presented at the Executive Board's monetary policy meeting on 17 September 2003 are now available on our website.

(17.09.2003)

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, 18 September. The sight deposit rate will then be 2.5 per cent. According to Norges Bank's assessment, with an interest rate of 2.50 per cent, 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.

(17.09.2003)

The Ministry of Finance has requested an assessment of monetary policy in the first eight months of 2003. In its response, Norges Bank places particular emphasis on:

(17.09.2003)

Norges Bank decided to reduce the interest rate on banks' deposits with Norges Bank, the sight deposit rate, by 0.5 percentage point to 2.50 per cent, with effect from 18 September. The interest rate on banks' overnight loans will also be reduced by 0.5 percentage point.

(02.09.2003) On 2 September, the central bank governor addressed the seminar entitled “Money and capital markets in Norway” at the Norwegian University of Science and Technology, Dragvoll Campus, Trondheim. The speech is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 13 August and on previous speeches.

(28.08.2003)

In a submission to the Banking, Insurance and Securities Commission, Norges Bank states that the objective of financial stability does not present a significant obstacle to a merger.

(26.08.2003)

The return on the Government Petroleum Fund in the second quarter of 2003 was 7.7 per cent measured in terms of the currency basket that corresponds to the composition of the Fund's benchmark portfolio. There was a clear rebound in global equity markets, and the return on the equity portfolio was 15.6 per cent. The return on the fixed income portfolio was 2.8 per cent. Webcast of press conference (in Norwegian).

(25.08.2003) Article by Deputy Governor of Norges Bank, Jarle Bergo, in Dagsavisen 24 August.

(14.08.2003) The charts presented at the Executive Board's monetary policy meeting on 13 August are now available on our website.

(13.08.2003)

Norges Bank's Executive Board decided to reduce the key rate, the sight deposit rate, by 1.0 percentage point with effect from Thursday, 14 August. The sight deposit rate will then be 3.0 per cent. According to Norges Bank's overall assessment, with an interest rate of 3.0 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.

(13.08.2003)

Norges Bank decided to reduce the interest rate on banks' deposits with Norges Bank, the sight deposit rate, by 1.00 percentage point to 3.00 per cent, with effect from 14 August. The interest rate on banks' overnight loans will also be reduced by 1.00 percentage point.

(25.07.2003) In April 2003, the Basel Committee on Banking Supervision released its third consultative document on the New Basel Capital Accord. In a joint consultative statement, the Banking, Insurance and Securities Commission and Norges Bank support the main principles concerning more risk-sensitive capital requirements. In the statement, however, it is pointed out that the consequences for the level of capital in banks may be considerable and that the Basel Committee should take this aspect into consideration in the final stages of concluding the New Accord. Calculations show that the Basel Committee’s proposals imply a significant reduction in capital requirements for Norwegian banks.

(17.07.2003)

(02.07.2003)

Effective 18 August 2003, Norges Bank is establishing a primary dealer system for Norwegian Treasury bills. A similar agreement has existed for the government bond market since 1995.

(01.07.2003)

In 2005, it has been one hundred years since the dissolution of the union between Norway and Sweden. Pursuant to the Norges Bank Act provisions regarding commemorative coins, Norges Bank will issue a series of commemorative coins to celebrate the centennial.

(30.06.2003) Summaries of reports from Norges Bank’s regional network are now available on our website.

(26.06.2003) The charts presented at the Executive Board’s monetary policy meeting on 25 June 2003 are now available on our website.

(25.06.2003)

Norges Bank's Executive Board decided to reduce the key rate, the sight deposit rate, by 1.0 percentage point with effect from Thursday, 26 June. The sight deposit rate will then be 4.0 per cent. According to Norges Bank's overall assessment, with an interest rate of 4.0 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.

(25.06.2003)

Norges Bank has decided to reduce the interest rate on banks' deposits with Norges Bank, the sight deposit rate, by 1.00 percentage point to 4.00 per cent, with effect from 26 June. The interest rate on banks' overnight loans will also be reduced by 1.00 percentage point.

(25.06.2003) Norges Bank’s strategy documents form the basis of monetary policy decisions made by Norges Bank’s Executive Board. Strategy Document 1/2003 concerns the conduct of monetary policy in the period 5 March 2003 to 25 June 2003. The Document was discussed at the Executive Board’s meeting on 5 February 2003. It was then adjusted to reflect the views of the Executive Board and the projections in Inflation Report 1/2003. Strategy Document 1/2003 was approved by the Executive Board at its meeting on 5 March.

(25.06.2003) The Inflation Report contains a review of developments in the Norwegian economy and other factors that influence the inflation outlook. The report is published three times a year. Norges Bank’s Inflation Report 2/2003 is available on our website.

(25.06.2003)

(23.06.2003)

(20.06.2003)

On Thursday 19 June, Norges Bank's Supervisory Council approved the sale of Den Kongelige Mynt AS (the Royal Norwegian Mint) to Samlerhuset AS Norge and Mint of Finland, each of which purchased 50 per cent of the shares. The sales price for the company is NOK 44 million. The shares will be transferred to the new owners on 30 June 2003.

(12.06.2003)

(10.06.2003)

Norges Bank Investment Management is today announcing new external active equity mandates for the Norwegian Government Petroleum Fund. The Fund is valued at USD 101 billion (NOK 682 billion) as at the end of the first quarter of 2003. 40 per cent of the Fund is invested in global equities. 31 mandates totalling USD 15 billion are currently being managed by 16 different managers.

(03.06.2003) Mr. Svein Gjedrem gave a speech at the Centre for Monetary Economics/BI in Oslo on 3 June at 11 am. In his speech, Mr. Gjedrem discussed whether and, if so, how monetary policy should take the build-up of financial imbalances into account. Driving forces in the foreign exchange market were also discussed. He concluded by giving an assessment of some new aspects of the economic outlook.

(27.05.2003)

The return on the Government Petroleum Fund in the first quarter of 2003 was -1.7 per cent measured in terms of the currency basket that corresponds to the composition of the Fund's benchmark portfolio. Measured in NOK the return was 4.7 per cent. The high return in NOK is due to a depreciation of the krone against the currencies in the benchmark portfolio in the first quarter.

(21.05.2003) Mr. Gjedrem addressed the Mjøs regional business seminar in Hamar on 21 May. The address is based on previous speeches and on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 30 April.

(21.05.2003)

Weak macroeconomic developments and the fall in securities markets have resulted in a clear deterioration of banks' results. The projections for economic growth both in Norway and internationally have been revised downwards since the last Financial Stability report, but equity prices have risen since mid-March. Banks have maintained their financial strength and are relatively well equipped to meet weaker macroeconomic developments. The outlook for financial stability is therefore considered to be satisfactory, but somewhat weaker than six months ago, according to Deputy Central Bank Governor Jarle Bergo, who presented the report Financial Stability 1/2003 at a press conference on Wednesday, 21 May.

(13.05.2003) Address by Deputy Governor Jarle Bergo at the ACI Conference in Oslo, 13 May 2003. The address is based on the speech “Inflation targeting with a fluctuating exchange rate”, given at a conference arranged by Pareto Securities in Oslo on 27 March 2003 and on the assessments presented at Norges Bank’s press conference following the Excutive Board’s monetary policy meeting on 30 April.

(13.05.2003) Norges Bank launched its redesigned website today. The new website contains all the information from our old website as well as new pages about financial stability, government debt and a frequently-asked-questions page. The structure of the site is largely unchanged, but we recommend use of the site map if you cannot find the information you are looking for. We welcome any comments on our new web service. (E-mail: webmaster@norges-bank.no)

(12.05.2003) Norges Bank’s new website will be launched tomorrow, Tuesday 13 May. You have now accessed the new website, but because the pre-launch process is still under way, errors may occur. We apologise for any inconvenience this may cause.

(07.05.2003) At Norges Bank’s request, Hans Genberg, Charles Wyplosz and Andrea Fracasso from the Graduate Institute of International Studies in Geneva have written the report “How do Central Banks Write?". By comparing and assessing inflation reports from 20 countries that use inflation targeting, the authors define international criteria for what a good inflation report should contain. They have also made a separate evaluation of Norges Bank's Inflation Report.

(02.05.2003) The charts presented at the Executive Board’s monetary policy meeting on 30 April 2003 and a summary of reports from Norges Bank’s regional network are now available on our website.

(30.04.2003)

Norges Bank's Executive Board decided to reduce the key rate, the sight deposit rate, by 0.5 percentage point with effect from Thursday, 1 May. The sight deposit rate will then be 5.0 per cent. According to Norges Bank's overall assessment, with an interest rate of 5.0 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.

(30.04.2003)

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 1 May. The interest rate on banks' overnight loans will also be reduced by 0.50 percentage point.

(28.04.2003)

Norges Bank's Annual Report on Payment Systems 2002 shows that in 2002, for the first time, giros paid via PC/Internet outnumbered mail giros.

(10.04.2003) Mr. Gjedrem addressed the annual meeting of the Confederation of Norwegian Business and Industry, Rogaland, in Stavanger on 10 April . The address is based on the address to DnB Haugesund entitled “Monetary policy, inflation and economic cycles”, which was delivered on the same date.

(10.04.2003) Mr Gjedrem’s address was given at DnB Haugesund on 10 April. The address was based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 5 March and on previous speeches.

(02.04.2003) On the basis of Norges Bank’s Annual Report, Mr. Svein Gjedrem, Governor of Norges Bank, has written an article about the conduct of monetary policy in 2002.

(27.03.2003) The Governor’s annual address to the diplomatic corps attracted about 80 guests to Norges Bank on Thursday, March 27. The event is organised in cooperation with the Ministry of Foreign Affairs. In his speech, the Governor discussed the economic situation in Norway and abroad. The address is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 5 March and on previous speeches.

(27.03.2003) Mr Bergo’s lecture was held at a conference arranged by Pareto Securities on Thursday, 27. March. The address was based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 5 March and on previous speeches and publications.

(24.03.2003)

On 25 March, Norges Bank is putting a new version of the 100-krone note into circulation. The note has been upgraded to the same level of protection against counterfeiting as the 1000-, 500- and 200-krone notes. Among other things, it is equipped with a broad, hologram foil stripe to the right of the portrait. When the note is held at different angles, different parts of the motive in the stripe will light up and change colour, even in poor lighting. The foil stripe thus makes it easier to identify a genuine banknote.

(21.03.2003) Mr. Svein Gjedrem spoke at a breakfast meeting at Sparebank1 SR-Bank in Stavanger on Friday, 21 March. The address was based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 5 March and on previous speeches.

(19.03.2003) The IMF published its annual Country Report on the Norwegian economy and Norwegian economic policy on 18 March. A Public Information Notice containing the Executive Board's assessment was issued at the same time. The report and the notice are available on the IMF's website.

(13.03.2003) The Governor of Norges Bank addressed the annual meeting of Troms Fish Farming Association. The lecture is based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 5 March and on previous speeches.

(11.03.2003) The Deputy Governor of Norges Bank addressed the Southern Norway Conference 2003 on 11 March at 11 a.m. The conference was arranged by students of business economics at Agder University College. The lecture is based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 5 March and on previous speeches.

(10.03.2003) In autumn 2002, Norges Bank established a regional network of enterprises, organisations and municipalities throughout Norway. We will have six rounds of talks with regional contacts each year. In the current round, there have been talks with a total of 229 contacts in the network. A national report and reports from each region are presented here.

(06.03.2003) 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.

(06.03.2003) The Governor of Norges Bank addressed Kongsvinger Business Forum 2003 on 6 March at 11.30 a.m. at a meeting arranged by Kongsvinger municipality and Kongsvinger kunnskapspark. The address is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 5 March and on previous speeches.

(05.03.2003)

Norges Bank's Executive Board decided to reduce the key rate, the sight deposit rate, by 0.5 percentage point with effect from Thursday, 6 March. The sight deposit rate will then be 5.5 per cent. According to Norges Bank's overall assessment, with an unchanged interest rate ahead, the probability that inflation two years ahead will be lower than 2½ per cent is greater than the probability that it will be higher.

(05.03.2003) The Inflation Report contains a review of developments in the Norwegian economy and other factors that influence the inflation outlook. The report is published three times a year. Norges Bank’s Inflation Report 1/2003 is available on our website.

(05.03.2003) The strategy documents on which monetary policy decisions made by Norges Bank’s Executive Board are based, will from now on be published on Norges Bank’s website. Strategy Document 3/2002 describes the implementation of monetary policy in the period 30 October 2002 to 5 March 2003. The Strategy Document was discussed at the meeting of the Executive Board on 8 October 2002 and thereafter adjusted to reflect the views of the Executive Board and the projections in Inflation Report 3/2002.

(05.03.2003)

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 6 March. The interest rate on banks' overnight loans will also be reduced by 0.50 percentage point.

(03.03.2003)

The return on the Petroleum Fund in the fourth quarter of 2002 was 2.8 per cent. The return for the year as a whole was negative, at -4.7, measured in international currency.

(20.02.2003) 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, 20 Feburary at 6 pm. An English translation of the address is available on our website.

(20.02.2003)

Norges Bank's annual accounts for 2002 show a deficit of NOK 24.1 billion, compared with a deficit of NOK 4.7 billion in 2001. No transfer will be made to the Treasury from the Transfer Fund.

(07.02.2003) The address was delivered at the meeting of the Norwegian Confederation of Vocational Unions on 7 February at 8am. The address is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 22 January and on previous speeches.

(31.01.2003) The speech was given at the annual seminar arranged by the Association of Norwegian Economists in Gausdal on Friday 31 January at 10.30 am. One of the issues at the seminar was monetary policy in the current economic situation. The speech was based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 22 January and on previous speeches.

(23.01.2003) 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.

(22.01.2003)

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, 23 January. The sight deposit rate will then be 6.0 per cent. According to Norges Bank's assessment, with an interest rate of 6.0 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.

(22.01.2003)

Norges Bank has reduced the interest rate on banks' deposits with Norges Bank, the sight deposit rate, by 0.50 percentage point to 6.00 per cent with effect from 23 January. The interest rate on banks' overnight loans will be reduced correspondingly.

(16.01.2003) The introduction was presented to a closed meeting of the Holden Committee of Experts assessing the challenges facing the exposed sector on Thursday, 16 January in Oslo. The introduction was based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 11 December and on previous speeches.