New Oil Fund boss was ‘strongest’ of all

Embattled central bank chief Øystein Olsen had to defend his bank board’s hiring of Norway’s new Oil Fund boss in Parliament on Monday. Olsen claimed that billionaire hedge fund manager Nicolai Tangen was “clearly the strongest candidate,” and could show “impressive results” and a “deep understanding” of the strategic challenges the Oil Fund faces. Olsen […]

New Oil Fund boss bucked the storm

Nicolai Tangen, cleared on Thursday to take over as chief executive of Norway’s enormous sovereign wealth fund, has proven one thing so far: he’s not scared off by a storm. A rough one has been raging around Tangen, whose large personal fortune has posed conflicts of interest and unleashed controversy, but he called all the public […]

Last of the ‘new money’ released

Norway’s central bank put its new 1,000-kroner bills into circulation on Thursday, the last of the country’s new series of paper money that hails Norwegians’ long maritime heritage. The new bills depict waves as both “counterforce” and a “driving force” that can hone and carry Norwegians forward. Instead of portraying people, Norges Bank opted several […]

Central bank chief backs oil industry

NEWS ANALYSIS: Norway’s oil industry and its supportive Norwegian government have won backing from the country’s central bank chief to keep on pumping and looking for more offshore oil and gas reserves. In an annual and much-followed speech Thursday evening, Øystein Olsen also opted against commenting on how the government spends Norway’s oil revenues, for […]

More new currency notes set to sail

Norway’s central bank is due to formally launch its new 500- and 50-kroner notes into circulation on Thursday. The new bills, issued in order to introduce more security features to prevent counterfeiting, carry on Norges Bank’s maritime theme that shines through them all. The NOK 50-note literally shines with its image of the Utvær Lighthouse […]

Stock market slide hits the Oil Fund

Norway’s central bank (Norges Bank) once again gathered 300 of the country’s most powerful people Thursday night, to listen to its chief’s annual perspectives on the economy. Øystein Olsen warned that recent declines in stock markets around the world can weaken Norway’s enormous piggy bank known as the Oil Fund. What goes up must come […]

Still no change in key interest rate

Norway’s central bank (Norges Bank) seemed to follow the advice of a vast majority of local economists on Thursday in deciding to keep its key policy rate unchanged at 0.5 percent. The bank’s governor also suggested the rate was likely to remain steady, downplaying early predictions of another decline to stimulate the economy or even an increase to curb […]

Key interest rate kept low and steady

Central bank boss Øystein Olsen capped off weeks of celebrating Norges Bank’s bicentennial by announcing Thursday that its executive board had decided to keep Norway’s key policy rate steady at 0.5 percent. The board indicated there simply were no major reasons to make any changes right now. “The key policy rate forecast is little changed since the […]

Birthday bash for the nation’s bank

It’s been 200 years since Norway, armed with a new constitution and determined to be its own sovereign nation, managed to win approval for the creation of its own central bank. Celebrations climaxed this week and on Sunday, the boss of Norges Bank sang Norway’s Hurrah for you birthday song on a stage set up outside the bank’s headquarters […]

Key rate cut to fend off recession

Norges Bank’s decision on Thursday to cut its “key policy rate” by another quarter point is aimed at stimulating economic growth and warding off recession, economists claim. Its effect on the country’s still warm housing market is uncertain, but the rate cut is also an unbashed move by the executive board of Norway’s central bank towards […]