The Central Bank of Norway (Norges Bank)

Norges Bank is the central bank of Norway. Norges Bank managers the Norwegian foreign exchange reserves, and carries out the operational management of the Government Pension Fund Global (GPFG) and the government debt, in accordance with mandates stipulated by the Ministry of Finance.

The GPFG is placed in international securities, in accordance with regulations stipulated by the Ministry of Finance. The fund management is carried out by a separate business area within Norges Bank – Norges Bank Investment Management (NBIM).

Norges Bank is responsible for the execution of monetary and exchange rate policy. Guidelines for the monetary policy are established by royal decree, stating that the monetary policy shall maintain monetary stability by keeping inflation low and stable.

The Bank analyses trends in the Norwegian economy, paying particular attention to financial markets, and advises the Government on matters relating to economic policy.

Most of Norges Bank staff are located at the bank’s head office in Oslo. Norges Bank Investment Management also has branches in New York, London, Shanghai and Singapore.

Annual Report 2022

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