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Central bank digital currency - final report for project Phase 4
Get PDFA working group at Norges Bank has conducted a fourth phase of a study project on central bank digital currency (CBDC). The work builds on the reports from the first three phases. This is the final report from the fourth phase.publishedVersio
Monetary Policy Report 2/2023
Get PDFThe policy rate is set by Norges Bank’s Monetary Policy and Financial Stability Committee. Policy rate decisions are normally taken at the Committee’s monetary policy meetings. The Committee holds eight monetary policy meetings per year. The Monetary Policy Report is published four times a year in connection with four of the monetary policy meetings. Prior to publication, several seminars and meetings are held at which analyses are presented to the Committee, and economic developments, the balance of risks and the monetary policy stance are deliberated. On the basis of the analyses and deliberations, the Committee assesses future interest rate developments. The final policy rate decision is made on the day prior to the publication of the Report. The Committee’s assessment of the economic outlook and monetary policy is presented in “Monetary policy assessment” in the Monetary Policy Report. At its meetings on 6 and 13 June 2023, the Committee discussed the economic outlook and the monetary policy stance. On 21 June, the Committee decided on the policy rate, on the basis of the deliberations and a recommendation from Norges Bank staff.publishedVersio
Financial Infrastructure Report 2023
Get PDFIn its annual Financial Infrastructure Report, Norges Bank discusses developments, vulnerabilities and risks in the financial infrastructure. The Report is a part of Norges Bank’s work to promote financial stability and to contribute to an efficient and secure financial infrastructure.publishedVersio
Høyere rente for å få prisveksten ned til målet
Get PDFSentralbanksjef Ida Wolden Baches innledning på pressekonferanse om rentebeslutningen 23. mars 2023.publishedVersio
Pengepolitikken og kronekursen
Get PDFForedrag av sentralbanksjef Ida Wolden Bache på seminar i regi av Senter for monetær økonomi (CME)/Handelshøyskolen BI, 9. november 2023.publishedVersio
The turbulence in the Norwegian money market in autumn 2022
Get PDFRecord-high payments of petroleum tax in October 2022, and the accompanying fall in structural liquidity, resulted in a marked rise in the shortest-term Norwegian money market rates. In this staff memo we describe how petroleum tax payments affect liquidity in the banking system and discuss why money market rates increased considerably, even though Norges Bank offered a number of F-loans to banks. Data from Norges Bank’s money market reporting (RPD) show that it was foreign banks lacking access to Norges Bank's market operations that borrowed NOK at very high interest rates in the FX swap market. Regulatory requirements and internal guidelines relating to liquidity and capital adequacy limited the amount banks could borrow from Norges Bank and constituted an important factor behind the rise in money market rates.publishedVersio
Norway's financial system 2023
Get PDFNorway's Financial System provides a general overview of the financial system in Norway, its tasks and how these tasks are carried out. This report is meant as a reference guide and textbook and is intended for a broad audience. The focus is on resenting the financial system in a simplified manner. Financial system professionals will also be able to find useful information. Hyperlinks to other, more detailed Norges Bank publications and to other institutions have been inserted in the text, enabling the reader to delve more deeply into topics of interest. The introduction provides an overall overview of all the components of the financial system. Section 1 describes the various markets: the money, bond, foreign exchange and equity markets, and the financial derivatives markets. Section 2 discusses the most important financial institutions: banks, mortgage companies, insurance companies, pension schemes and various funds, etc in addition to Norges Bank, which itself is part of the financial system. Section 3 describes the financial system infrastructure, which includes the payment system and systems for the payment and transfer of securities, foreign currency and derivatives. The aim of this report is to promote public understanding of the financial system. The report will be revised annually to ensure that it is kept up to date and maintains its relevance as a reference and textbook.publishedVersio
Makrotrender og langsiktig avkastning
No full textWe outline a macro-finance model for simulating long-horizon returns on government bonds and multi-asset portfolios. We show how the determinants of return distributions change across different investment horizons, and discuss differences in prospective returns on long and short-duration bonds.publishedVersio
Pengepolitisk rapport 2/2023
Get PDFStyringsrenten fastsettes av Norges Banks komité for pengepolitikk og finansiell stabilitet. Vedtak om renten vil normalt bli truffet i komiteens rentemøter. Komiteen har åtte rentemøter i året. I forbindelse med fire av rentemøtene publiseres også Pengepolitisk rapport. Før rentemøtene som faller sammen med publisering av Pengepolitisk rapport møtes komiteen vanligvis tre ganger. Det avholdes flere seminarer og møter der komiteen blir forelagt analyser og drøfter utviklingstrekk, risikobilde og innretning av pengepolitikken. På bakgrunn av analysene og diskusjonen vurderer komiteen den fremtidige renteutviklingen. Endelig vedtak om styringsrenten fattes dagen før rapporten offentliggjøres. Komiteens vurdering av de økonomiske utsiktene og pengepolitikken er gjengitt i «Pengepolitiske vurderinger» i Pengepolitisk rapport. I forbindelse med rentemøtene uten rapport møtes komiteen vanligvis to ganger. På møtene 6. og 13. juni 2023 drøftet komiteen de økonomiske utsiktene og innretningen av pengepolitikken. På grunnlag av drøftingene og en anbefaling fra bankens administrasjon fattet komiteen på møtet 21. juni vedtak om styringsrentepublishedVersio
Årstalen 2023
No full textTale av sentralbanksjef Ida Wolden Bache til Norges Banks representantskap. Torsdag 16. februar 2023.publishedVersio