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 […]

‘Winter is coming,’ warns bank chief

Norway’s central bank chief Øystein Olsen engaged in what one local commentator dubbed as his own “Game of Krones” on Thursday evening, when he unveiled a relatively gloomy forecast for the Norwegian economy. Olsen stressed that after 15 years of economic upturn and “an exceptionally long summer, winter is now coming,” but it may not drag on. “It […]

Central banker draws the elite

Øystein Olsen, governor of Norway’s central bank, was once again drawing the country’s financial and politial elite to the headquarters of Norges Bank Thursday evening. They were invited to listen to his annual address that carries on a tradition begun in 1922, before they all adjourned for an equally traditional banquet at the Grand Hotel. The […]

Central bank defies predictions again

The board of Norway’s central bank once again defied the predictions of economists and analysts by refusing on Thursday to further reduce its already record-low key lending rate. A cut had been widely expected as a means of easing an ever-more visible slowdown in the Norwegian economy. Øystein Olsen, governor of Norges Bank, nonetheless announced that the bank’s executive board had decided […]