(30.12.2005)

In January, Norges Bank will purchase foreign exchange equivalent to NOK 270 million per day for the Government Petroleum Fund.

(22.12.2005)

Today, Norges Bank published the auction calendar and plan for government bonds and Treasury bills in 2006. Fourteen auctions of Treasury bills and five auctions of government bonds are scheduled in 2006. Circular no. 10 of 22 December 2005 provides information concerning announcement, auction and settlement dates.

(21.12.2005) As a supplement to the ordinary monetary and financial reporting, the central banks in Denmark, Finland, Sweden and Norway have decided to start monitoring the cross border activities of the larger Nordic banks. The monitoring reporting system is described in a Memorandum of Understanding between the central banks.

(15.12.2005) Summaries of reports from Norges Bank's regional network are now available.

(14.12.2005)

Norges Bank's Executive Board decided today to leave the interest rate unchanged. Norges Bank's key interest rate, the sight deposit rate, therefore remains at 2.25 per cent. The overnight lending rate was also left unchanged.
Webcast of press conference (in Norwegian)

(14.12.2005) Invitation to Treasury bill auction is now available on our website.

(06.12.2005)

"The short-term outlook for financial stability is regarded as satisfactory and somewhat better than half a year ago," said Governor Svein Gjedrem in connection with the presentation of Financial Stability 2/2005 on Tuesday, 6 December. The sharp rise in house prices and household debt, however, entail a risk of less stable economic developments in the longer term.
Webcast of press conference (in Norwegian)

(30.11.2005) Invitation to Treasury bill auction is now available on our website.

(30.11.2005)

Norges Bank will not purchase foreign exchange for the Government Petroleum Fund in December.

(29.11.2005)

The return on the Government Petroleum Fund in the third quarter of 2005 was 3.2 per cent measured in terms of the currency basket that corresponds to the composition of the Fund's benchmark portfolio. The return on the equity portfolio was 8.2 per cent. Equity prices rose in all of the main markets, and the upswing was particularly strong in Japan. Prices in the fixed income markets in Asia and the US fell, whereas prices rose slightly in Europe. The return on the fixed income portfolio was -0.1 per cent.
Webcast of press conference (in Norwegian)

(23.11.2005) Deputy Governor Jarle Bergo addressed a seminar hosted by Totens Sparebank on 23 November 2005. The speech is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 2 November, Inflation Report 3/05 and on previous speeches.

(21.11.2005) Invitation to government bond auctions is now available on our website.

(11.11.2005) Governor Svein Gjedrem gave a lecture on 8 November at the Norwegian Polytechnic Association. In his lecture, the Governor discusses the management of petroleum wealth thus far and examines the long-term challenges that lie ahead. The lecture does not contain any assessments of the economic situation or the monetary stance.

(03.11.2005) Summaries of reports from Norges Bank's regional network are now available.

(02.11.2005) The Inflation ReportReport sets out an assessment of the prospects for monetary policy. The contains projections for developments in the Norwegian economy, analyses of particular themes and a summary of Norges Bank's regional network.

(02.11.2005)

Norges Bank's Executive Board decided today to raise the sight deposit rate by 0.25 percentage point to 2.25 per cent with effect from 3 November 2005. The interest rate on banks' overnight loans is also being raised by 0.25 percentage point.
Webcast of press conference (in Norwegian) (Media Player)

(02.11.2005) Invitation to Treasury bill auction is now available on our website.

(31.10.2005)

In November, Norges Bank will purchase foreign exchange equivalent to NOK 1,000 million per day for the Government Petroleum Fund.

(27.10.2005) Governor Svein Gjedrem addressed the Annual meeting of the Norwegian Savings Bank’s Association in Bergen on Thursday, 27 October.

(26.10.2005) Governor Svein Gjedrem addressed a conference hosted by Lloyd’s of London in connection with HM King Harald’s visit to Lloyd’s on Wednesday 26 October. The speech does not contain assessments of the economic situation or the monetary stance.

(14.10.2005)

Governor Svein Gjedrem addressed a meeting in Oslo hosted by Norges Bank's regional network on 14 October. The address is based on a speech of the same title, given in Trondheim on 10 October.

(12.10.2005) Governor Svein Gjedrem addressed a meeting hosted by Norges Bank’s regional network in Ålesund on 12 October. The speech is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 21 September, Inflation Report 2/05 and on previous speeches.

(10.10.2005)

Governor Svein Gjedrem addressed a meeting hosted by Sparebank 1 Nord-Norge in Hammerfest on 10 October. The address is based on the speech of the same title presented in Trondheim earlier the same day.

(10.10.2005) Invitation to government bond auctions is now available on our website.

(10.10.2005) Governor Svein Gjedrem addressed a meeting hosted by the Mid-Norway Chamber of Commerce and Industry, Region Central Norway, in Trondheim on 10 October. The speech is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 21 September, Inflation Report 2/05 and on previous speeches.

(07.10.2005) Invitation to Treasury bill auction is now available on our website.

(03.10.2005) Deputy Governor Jarle Bergo addressed a meeting hosted by Storebrand in Oslo on 3 October 2005. The speech is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 21 September, Inflation Report 2/05 and on previous speeches.

(30.09.2005)

In October, Norges Bank will purchase foreign exchange equivalent to NOK 740 million per day for the Government Petroleum Fund.

(26.09.2005)

On Saturday, 24 September 2005, the IMF's International Monetary and Financial Committee held its twelfth meeting in Washington D.C. Norway's Minister of Finance, Mr. Per-Kristian Foss, who currently represents the Nordic-Baltic constituency on this committee, made a statement on behalf of the Nordic and Baltic countries. Mr. Svein Gjedrem, Governor of Norges Bank, made a statement at the IMF's Annual Meeting on Sunday, 25 September.

(23.09.2005)

The Nordic-Baltic representative on the IMF Executive Board has published his half-yearly report concerning key issues dealt with by the Board since April 2005. The report covers four issues: work on a strategic review of the IMF's activities, global economic developments, status of the IMF's major lending programmes and the most important policy discussions.The report in PDF (409 kB)

(21.09.2005)

Norges Bank's Executive Board decided today to leave the interest rate unchanged. Norges Bank's key interest rate, the sight deposit rate, therefore remains at 2.00 per cent. The overnight lending rate was also left unchanged.
Webcast of press conference (in Norwegian) (Media Player)

(14.09.2005) Invitation to Treasury bill auction is now available on our website.

(09.09.2005) A conference on the microstructure of financial markets, organised jointly by Norges Bank and BI Norwegian School of Management, was held at Norges Bank on Friday 9 and Saturday 10 September 2005. Papers were presented by leading researchers in this field.

Welcoming remarks by Governor Svein Gjedrem.

(01.09.2005)

Governor Gjedrem gave a speech at a meeting hosted by Haugesund Sparebank in Ølen, Western Norway, on 1 September. The address was based on the speech of the same title given by Deputy Governor Jarle Bergo in Bodø on 25 August.

(31.08.2005) Invitation to Treasury bill auction is now available on our website.

(31.08.2005)

In September, Norges Bank will purchase foreign exchange equivalent to NOK 580 million per day for the Government Petroleum Fund.

(30.08.2005) Speech by Governor Svein Gjedrem 30 August 2005 at Alfred Berg ABN AMRO’s Nordic Energy Conference. The speech does not contain assessments of the economic situation or current interest rate setting.

(25.08.2005) Address by Deputy Governor Jarle Bergo 25 August for Norges Bank’s regional network, arranged by Kunnskapsparken Bodø. The address is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 11 August, Inflation Report 2/05 and on previous speeches.

(24.08.2005)

Banks are required to pledge securities as collateral when they borrow from Norges Bank. Norges Bank has today published a circular with new terms for pledging securities as collateral. The changes will enter into force later this year. The date of entry into force will be communicated at a later date.

(23.08.2005)

The return on the Government Petroleum Fund in the second quarter of 2005 was 3.8 per cent measured in terms of the currency basket that corresponds to the composition of the Fund's benchmark portfolio. Equity prices rose in Europe and the US, whereas equity prices in Japan were stable for the quarter as a whole. The return on the equity portfolio was 4.9 per cent. Market prices rose in the main markets for fixed income instruments, and the return on the fixed income portfolio was 3.1 per cent.
Webcast of press conference (in Norwegian)

(11.08.2005)

Norges Bank's Executive Board decided today to leave the interest rate unchanged. Norges Bank's key interest rate, the sight deposit rate, therefore remains at 2.00 per cent. The overnight lending rate was also left unchanged.
Webcast of press conference (in Norwegian) (Media Player)

(29.07.2005)

In August, Norges Bank will purchase foreign exchange equivalent to NOK 510 million per day for the Government Petroleum Fund.

(01.07.2005) Summaries of reports from Norges Bank's regional network are now available.

(30.06.2005)

At its monetary policy meeting on 30 June, Norges Bank's Executive Board decided to raise the sight deposit rate by 0.25 percentage point to 2.00 per cent with effect from 1 July 2005. The overnight lending rate will also be increased by 0.25 percentage point.
Webcast of press conference (in Norwegian).

(30.06.2005) The Inflation Report provides an overview of developments in the Norwegian economy and other factors that affect the inflation outlook. The Report also contains the Executive Board's assessments and monetary policy strategy for the next four months.

(29.06.2005) Invitation to Treasury bill auction is now available on our website.

(28.06.2005) Jan F. Qvigstad, Executive Director, gave the speech "500 years of price history. Price stability is the norm. What distinguishes the abnormal?" at Norges Bank's conference on historical monetary statistics for Norway on 7 June 2005.

(24.06.2005)

Norges Bank Investment Management (NBIM) is developing capacity and expertise to safeguard the ownership role of the Government Petroleum Fund and the Bank's foreign exchange reserves. A special group is being established in equity management that reinforces the already existing functions relating to the exercise of ownership rights. Henrik Syse has been appointed to head the group. In addition to Mr. Syse and the current staff, three new employees have been appointed and two experts will provide affiliate services.

(21.06.2005)

Representatives of the IMF undertook an assessment of Norway's financial system in autumn 2004 and January/February 2005 and evaluated the system against international norms.

(16.06.2005) Norges Bank arranged a conference on Banking Crisis Resolution - Theory and Policy in Oslo from Thursday 16 June to Friday 17 June.

(13.06.2005)

The IMF discussed the annual Country Report on the Norwegian economy and Norwegian economic policy, including a Financial System Stability Assessment, on 3 June. The Public Information Notice containing the IMF Executive Board's assessment and the report are available on the IMF website.

(08.06.2005) Invitation to Treasury bill auction is now available on our website.

(07.06.2005) Norges Bank arranged a conference on historical monetary statistics at Bogstad Gård on Tuesday, 7 June.

The opening address was given by Governor Svein Gjedrem.

(07.06.2005) Governor Svein Gjedrem gave a speech for the Centre for Monetary Economics/BI in Oslo on Tuesday 7 June 2005.

(02.06.2005)

The last pair of coins in Norges Bank's series of commemorative coins will be issued on 7 June 2005, on the centenary of the Storting resolution to dissolve the union with Sweden in 1905.

(31.05.2005)

In June, Norges Bank will purchase foreign exchange equivalent to NOK 360 million per day for the Government Petroleum Fund.

(31.05.2005)

"The short-term outlook for financial stability is regarded as satisfactory and is approximately unchanged since the previous Financial Stability report," said Deputy Governor Jarle Bergo in connection with the presentation of Financial Stability 1/05 on Tuesday, 31 May. In the long term, high and rising household debt is a source of uncertainty.
Webcast of press conference (in Norwegian).

(30.05.2005) Invitation to government bond auctions is now available on our website.

(27.05.2005) Mr. Jarle Bergo, Deputy Governor of Norges Bank, spoke to the annual meeting of the Association of Norwegian Finance Houses, on 27 May 2005. The address is based on Inflation Report 1/05 and the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 25 May.

(26.05.2005) Invitation to Treasury bill auction is now available on our website.

(25.05.2005)

At its monetary policy meeting on 25 May, Norges Bank's Executive Board decided to leave the sight deposit rate unchanged at 1.75 per cent. The Executive Board weighed the objective of bringing inflation back to target and stable inflation expectations against the risk that output growth may eventually be too high.
Webcast of press conference (in Norwegian).

(23.05.2005) Annual report on payment systems 2004 is now available.

(23.05.2005) The Governor of Norges Bank appeared before the Standing Committee on Finance and Economic Affairs of the Storting (Norwegian parliament) on 23 May at an open hearing on the conduct of monetary policy.

(19.05.2005)

The return on the Government Petroleum Fund in the first quarter of 2005 was 1.0 per cent measured in terms of the currency basket that corresponds to the composition of the Fund's benchmark portfolio. Prices rose in the bond and equity markets in Japan and Europe, whereas prices in both markets fell somewhat in the US. The returns on the fixed income and equity portfolios were 0.4 per cent and 2.0 per cent, respectively.
Webcast of press conference (in Norwegian)

(12.05.2005) Address by Deputy Governor Jarle Bergo at a seminar hosted by Agder Research Foundation in Arendal on 12 May. The address is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 20 April, Inflation Report 1/05 and on previous speeches.

(12.05.2005) Governor Svein Gjedrem gave the keynote address at the conference entitled “Monetary Policy and Financial Stability”, hosted by the Oesterreichische Nationalbank in Vienna on 12 May.

(29.04.2005)

In May, Norges Bank will purchase foreign exchange equivalent to NOK 470 million per day for the Government Petroleum Fund.

(28.04.2005) Invitation to Treasury bill auction is now available on our website.

(27.04.2005)

An increasing number of Norwegian bank customers are using Internet banking services. In 2004, payment transactions over the Internet increased by 36 per cent to more than 138 million transactions. The use of mail giros, giro payments via the telephone and over-the-counter giros declined. These are some of the conclusions from Norges Bank's Annual Report on Payment Systems for 2004.

(26.04.2005)

Governor Svein Gjedrem gave a speech at the conference entitled Næringseiendom 2005 in Bergen on 26 April. The address is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 20 April, Inflation Report 1/05 and on previous speeches.

(25.04.2005)

Governor Svein Gjedrem addressed Sparebanken Nord-Norge in Tromsø on 25 April. The address was based on the speech of the same title given by Deputy Governor Jarle Bergo in Trondheim on 21 April.

(22.04.2005) Summaries of reports from Norges Bank's regional network are now available.

(21.04.2005) Deputy Governor Jarle Bergo addressed a meeting hosted by Handelsbanken and the Centre for Economic Research at the Norwegian University of Science and Technology in Trondheim on 21 April. The address is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 20 April, Inflation Report 1/05 and on previous speeches.

(20.04.2005)

Norges Bank's Executive Board decided today to leave the interest rate unchanged. Norges Bank's key interest rate, the sight deposit rate, therefore remains at 1.75 per cent. The overnight lending rate was also left unchanged. The Executive Board weighed the objective of bringing inflation back to target and stable inflation expectations against the risk that output growth may eventually be too high.
Webcast of press conference (In Norwegian)

(18.04.2005)

The IMF's Monetary and Financial Committee held its eleventh meeting on Saturday, 16 April 2005 in Washington D.C. Mr. Per-Kristian Foss, Norway's Minister of Finance, who currently represents the Nordic-Baltic constituency on this committee made a statement on behalf of the Nordic and Baltic countries.

(15.04.2005)

The Nordic-Baltic representative on the IMF Executive Board has published his half-yearly report concerning key issues dealt with by the Board since October 2004. The report covers four issues: work on a strategic review of the IMF's activities, global economic developments, status of the IMF's major lending programmes and the most important policy discussions. The report in PDF (233 kB)

(14.04.2005)

The researchers Gunnar Bårdsen, Øyvind Eitrheim, Eilev S. Jansen and Ragnar Nymoen who are or have been affiliated with the Research Department in Norges Bank have published a book on empirical macroeconomic modelling.

(11.04.2005)

Governor Svein Gjedrem addressed the Banking and Finance Society at the Norwegian School of Economics and Business Administration in Bergen on Monday, 11 April. The address was based on a previous speech with the same title given at SR-Bank, Stavanger on 18 March.

(07.04.2005) On Thursday, 7 April, Norges Bank is arranging a conference on economic models at central banks. Approximately 70 individuals have been invited to participate in the conference. Speakers from the Federal Reserve, Sveriges Riksbank, the European Central Bank and Norges Bank will share some of their knowledge and experience. Norges Bank will also introduce a new model that is currently under development (NEMO).

(05.04.2005)

Jarle Bergo, Deputy Governor of Norges Bank, will participate in connection with the presentation of Norges Bank Watch 2005 on Tuesday, 5 April at 11 am. The report, which provides an assessment of monetary policy in Norway, has been commissioned by the Centre for Monetary Economics, Norwegian School of Management. The report has been written by Arne Jon Isachsen (BI Norwegian School of Management), Steinar Holden (University of Oslo) and Øystein Dørum (DnB NOR). Mr. Bergo will comment on the report after it has been presented.

(31.03.2005) About 80 guests attended the annual address to the diplomatic corps at Norges Bank on Thursday 31 March. The event is organised in cooperation with the Ministry of Foreign Affairs. The address is based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 16 March and on previous speeches.

(31.03.2005) Invitation to government bond auctions is now available on our website.

(31.03.2005)

In April, Norges Bank will purchase foreign exchange equivalent to NOK 320 million per day for the Government Petroleum Fund.

(18.03.2005) Summaries of reports from Norges Bank's regional network are now available.

(18.03.2005)

Governor Svein Gjedrem gave a speech at SR-Bank in Stavanger on 18 March. The speech is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 16 March, Inflation Report 1/05 and on previous speeches.

(17.03.2005)

The final results of the Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in 2004 were released by the Bank for International Settlements (BIS) today.

(16.03.2005)

At its monetary policy meeting on 16 March, Norges Bank's Executive Board decided to leave the key rate, the sight deposit rate, unchanged at 1.75 per cent. The overnight lending rate was also left unchanged. The Executive Board weighed the objective of bringing inflation back to target and stable inflation expectations against the risk that output growth may eventually be too high.
Webcast of press conference (in Norwegian)

(16.03.2005) The Inflation Report provides an overview of developments in the Norwegian economy and other factors that affect the inflation outlook. The Report also contains the Executive Board's assessments and monetary policy strategy for the next four months.

(15.03.2005)

The International Monetary Fund (IMF) assesses the Norwegian economy as part of its regular surveillance of member countries. During the last few days, a delegation from the IMF has been visiting Norway to gather information about the economic and financial situation and to discuss economic policy.

(09.03.2005) Governor Svein Gjedrem participated in a panel discussion at the conference "Dialogue without boundaries" in Karlstad, Sweden on 9 March. The Governor's introduction is available here.

(01.03.2005)

The return on the Government Petroleum Fund in 2004 was 8.9 per cent measured in international currency. Total return for the last two years has been 22.6 per cent primarily reflecting high returns in equity markets.
Webcast of press conference (in Norwegian).

(28.02.2005)

Norges Bank will not purchase foreign exchange for the Government Petroleum Fund in March.

(17.02.2005) 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, 17 February at 6 pm. An English translation of the address is available.

(17.02.2005)

Norges Bank's annual accounts for 2004 show a surplus of NOK 1.1 billion, compared with a surplus of NOK 20.8 billion in 2003. No transfer will be made to the Treasury from the Transfer Fund.

(02.02.2005)

At its monetary policy meeting on 2 February, Norges Bank's Executive Board decided to leave the sight deposit rate unchanged at 1.75 per cent. At this meeting, the Executive Board did not see any clear alternatives to leaving the interest rate unchanged. In reaching its decision, the Executive Board weighed the objective of bringing inflation back to target against the risk that output growth may eventually be too high.
Webcast of press conference (in Norwegian)

(31.01.2005)

Norges Bank will not purchase foreign exchange for the Government Petroleum Fund in February.

(24.01.2005)

On Monday 24 January, Norges Bank held an auction of government bond NST 470 (date of maturity 15 May 2013) with an allotted volume to the market of NOK 4bn. 106 bids totalling NOK 14.5bn were submitted. The allotment price at the auction was 120.09 with a yield of 3.65 per cent p.a.

(21.01.2005) Deputy Governor Jarle Bergo gave a speech on January 21 at the Foreign Exchange Seminar of the Association of Norwegian Economists at Sanderstølen. The speech does not contain new assessments of the economic situation or of current interest rate setting.

(17.01.2005) Invitation to government bond auctions is now available on our website.

(17.01.2005)

In connection with the conduct of monetary policy and monitoring of financial stability, Norges Bank requires data for the foreign exchange market. Norges Bank has decided to discontinue the current statistics for foreign exchange flows and considers to reorganise the statistics.

(12.01.2005) Norges Bank's Executive Board has laid down revised principles for the Bank's corporate governance activities and related expectations for companies in which it invests. These principles apply to both the Government Petroleum Fund and the bank's own foreign exchange reserves. They are based on the Ethical Guidelines for the Government Petroleum Fund (laid down by the Ministry of Finance on 19 November 2004), which include guidelines for the Bank's corporate governance activities.

(03.01.2005)

From January 2005, all information concerning invitations to tender and tender forms will be available on our website. The first announcement of auction for Treasury bills is on 5 January and the first announcement of auction for government bonds is on 17 January.

(03.01.2005) Article by Svein Gjedrem, Governor of Norges Bank, in Aftenposten on 3 January 2005.