Norges Bank facts for kids
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| Headquarters | Oslo |
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| Established | 14 June 1816 |
| Ownership | 100% state ownership |
| Governor | Ida Wolden Bache |
| Central bank of | Norway |
| Currency | Norwegian krone NOK (ISO 4217) |
| Reserves | 54 580 million USD |
Norges Bank (also known as the Bank of Norway) is the central bank of Norway. A central bank is like the main bank for a country. It helps manage the country's money and economy. Norges Bank is in charge of a very important fund called the Government Pension Fund of Norway. This fund is the largest of its kind in the world! The bank also manages Norway's own foreign exchange reserves, which are like savings in different currencies.
History of Norges Bank
The story of Norway's central bank began a long time ago. It was created in 1816. This was two years after Norway separated from Denmark and joined with Sweden. The Norwegian parliament, called the Storting, officially started Norges Bank on June 14, 1816.
At first, Norway's money was called the speciedaler. It was divided into smaller units like skillings and ort. But things changed in 1875. A new law said that the main money unit would be the krone. One krone was equal to 100 øre.
This change happened because Norway was getting ready to join the Scandinavian Monetary Union. This union started in 1873 between Denmark and Sweden. Its goal was to have a common coin for all three countries, based on gold. This meant that coins from Denmark and Sweden could also be used as money in Norway. The union worked until 1914. It officially ended in 1972.
In 1897, Norges Bank moved its main office. It moved from Trondheim to Kristiania, which is now called Oslo. A new main building for the bank opened in 1906. It had space for about 80 employees.
During the Second World War, Norges Bank had to move its operations. In 1940, a new board was set up in London. The bank's gold reserves were moved safely out of Norway. They went to London, and then to New York and Ottawa. This gold and other money were managed by the London board. Meanwhile, the bank also kept working in Norway under the Nazi occupation. After the war, an investigation found that the bank's leaders in Oslo had acted correctly. In 1962, the Royal Mint, which makes coins, became part of Norges Bank.
Norges Bank Investment Management
Norges Bank Investment Management (NBIM) is a special part of Norges Bank. Its main job is to manage the Government Pension Fund - Global. NBIM also looks after Norges Bank's foreign exchange reserves.
NBIM invests these funds in different ways around the world. They buy shares in companies (called equities). They also invest in things like fixed income instruments, which are like loans that pay back interest. They also use money market instruments and derivatives. These are all ways to help the fund grow over time.
Governors of Norges Bank
The Governor is the main leader of Norges Bank. This person is in charge of the bank's operations. Here is a list of the people who have served as the chairman or Governor of Norges Bank:
- Karl Gether Bomhoff (1893–1920)
- Nicolai Rygg (1920–1946)
- Arnold C. Ræstad (head of the London branch 1940–1945)
- Gunnar Jahn (1946–1954)
- Erik Brofoss (1954–1970)
- Knut Getz Wold (1970–1985)
- Hermod Skånland (1985–1993)
- Torstein Moland (1994–1995)
- Kjell Storvik (1996–1998)
- Svein Gjedrem (1999–2010)
- Øystein Olsen (2011–2022)
- Ida Wolden Bache (2022–present)
See also
In Spanish: Banco de Noruega para niños
- Economy of Norway
- Norwegian krone
- Gold reserves of Norway
- List of central banks
