Norges Bank
| Headquarters | Oslo , Norway |
| founding | June 14, 1816 |
| president | Øystein Olsen (since 2011) |
| country | Norway |
| currency | |
| ISO 4217 | NOK |
| Currency reserves | US $ 62.8 billion (2016) |
| Website | |
| List of central banks | |
Norges Bank is the central bank of Norway . It was founded by the Storting on November 14, 1816 . Previously, due to the personal union, the monetary policy of Denmark was shaped.
prehistory
In § 110 of the November Constitution of 1814 it was determined that Norway would have its own bank as well as its own monetary and coinage system. After the separation from Denmark in 1814, the Norwegian branch of the Danish Central Bank was renamed Norges midlertidige rigsbank (Norway's provisional Reichsbank). For the budget of the Norwegian Empire, the bank was supposed to produce 14,000,000 rigsbankdaler as paper bonds, for the value of which Parliament guaranteed the rate. That was the full oath guarantee . It was repealed on January 22, 1816.
At that time there were a great many Rigsbankdalers in circulation in the form of bank bonds. Some of them came from the Danish Reichsbank when it still had a branch in Oslo as part of the personal union between Denmark and Norway, and some from Christian Friedrich , when he was temporarily elected King of Norway after the separation from Denmark.
The creation of the central bank
The central bank to be founded was to receive a share capital of two million speciedaler , which was to be raised through voluntary subscription of shares. This failed, so that a silver tax had to be levied, which had to be paid in coins or precious metal. For this you received corresponding shares. If the voluntary subscription of the shares were successful, the bank should have its headquarters in Christiania (today Oslo ), otherwise in Trondheim with departments in Christiania, Bergen and Kristiansand . In the beginning, Trondheim was the seat of the Norwegian Bank. With laws from April 5th to 9th and June 14th, 1816, the Norwegian Central Bank was founded and the speciedaler was introduced as the new currency unit. It was a public limited company under private law. It received a concession for 30 years and the right to issue banknotes, which should be valid means of payment. In 1897 the bank came to Christiania.
The central bank today
The central bank is based in the capital Oslo and employs well over 500 people. It is headed by a seven-member board appointed by the government on behalf of the king. Øystein Olsen has been President of the Central Bank since 2011 . The activities of the board of directors are controlled by a supervisory board whose 15 members are elected by the Storting.
In addition to the usual tasks of a central bank, in particular determining the key interest rate and issuing the Norwegian krone , Norges Bank is also responsible for managing part of the state fund: The foreign investments of the Norwegian state pension fund , which is intended to guarantee the sustainable use of the income from oil production , are controlled by a separate department (Norges Bank Investment Management, NBIM). This department has branches in London , New York , Shanghai and Pune ( India ).
Web links
- Norges Bank (English)
Individual evidence
- ^ Norway Foreign Exchange Reserves . tradingeconomics.com. Accessed January 30, 2017 (English)
- ↑ Øyvind Eitrheim: Fra Peder Anker til stabilitet i pengevesenet. In: Øyvind Eitrheim, Jan F. Qvigstad (ed.): Tilbakeblikk på norsk pengehistorie. Conference June 7, 2005 at Bogstad gård. Oslo 2005, pp. 1–17, here p. 7 (PDF; 88 kB) ( Memento from February 24, 2015 in the Internet Archive ).
- ↑ Bernt Nyhagen: Sentralbanklovgivning - utviklingslinjer og endringsbehov. In: Sentralbanken i forandringens tegn: Festskrift til Kjell Storvik. Occasional Paper , No. 28/1999, Oslo 1999, pp. 150–174, here p. 153 (PDF; 84 kB) ( Memento from February 24, 2015 in the Internet Archive ).