Norges Bank


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Norges Bank

The central bank of Norway. It controls issue of the Norwegian krone. It is responsible for controlling inflation and for maintaining financial stability. It also operates Norges Bank Investment Management, which is the Norwegian sovereign wealth fund. It was established in 1816.
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Norges Bank purchases foreign currency from the State's Direct Financial Interest (SDFI) each month.
In cooperation with the banks, Norges Bank launched a project to develop a more robust and efficient clearing and settlement system.
Market funding has also become more expensive and less accessible for Norwegian banks, Norges Bank said.
'There are prospects of relatively high growth in output and employment in the years ahead,' Norges bank said.
The Norges Bank press release said, "Growth in the economy may be somewhat higher than projected.
Norges Bank lowers the overnight deposit and lending rates by 0.5 percentage points, to 5.5 and 7.5 per cent, respectively.
Average Norges Bank fixing rate for this period was 8.9798.
Also, as regards the financial instruments, Norges Bank has indicated that they have no fixed expiration date or exercise/conversion point.
8 September 2014 -- US financial services organisation TIAA-CREF said it has acquired a real estate asset as part of its joint venture with partner Norges Bank Investment Management.
NBIM, part of Norwaya[euro](tm)s central bank Norges Bank, is the fourth largest shareholder of the takeover target with a 4% stake.
(2) Norges Bank responded by supplying more liquidity to banks than usual.
14 December 2011 - If Norway's central bank Norges Bank does not cut the key interest rate at its monetary policy meeting today, the Norwegian crown will strengthen, economist with Nordea, Erik Bruce told business daily Finansavisen.