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The history of the central bank of Norway can be traced back to 1816, when, two years after the separation from Denmark and the union with Sweden, Norges Bank was established by an Act of the Storting (the Norwegian parliament) on 14 June.
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In 2004, Norway's gold holdings consisted of approximately 37 tonnes divided on 33.5 tonnes of bars and 3.5 tonnes of coins. [1] In 2004, Norges Bank—the central bank issuing the Norwegian crown—excluded gold from its forex reserves and sold all bars, except seven, on the international gold market in London.
Central bank name Currency Currency share percentage of global allocated reserves in Q4 2022 (%) Central bank governor Native name of central bank Establishment United States: Federal Reserve: United States dollar: 58.36 Jerome Powell: 1913 European Union: European Central Bank: Euro: 20.47 Christine Lagarde: 1998 Japan: Bank of Japan: Japanese ...
This group performed several spectacular acts of sabotage; among them smuggling out plates for the printing of Norwegian kroner from the Norwegian Central Bank to the exiled government in London and blowing up the office for Norwegian forced labour, thereby stopping the Nazis' plan of sending young Norwegian men to the Eastern Front. [3] [6]
In 1928 the Norwegian krone was finally connected to the gold standard, but this only lasted until 1931. In 1931–1932, the Central Bank also averted a serious banking crisis. Rygg was regarded as an active financial politician, and as being a more independent bank governor than his successors.
Loans from the central bank were made far below market value and capital was injected into the market. In addition, stricter requirements were placed on any suffering banks receiving capital injections. By 1992 Norway de-pegged its currency and allowed for interest rates to fall. GDP began to rise and loan losses fell over the next few years.
The cost of one euro in Norwegian krone (from 1999) The value of the Norwegian krone compared to other currencies varies considerably from one year to another, mainly based on changes in oil prices and interest rates. In 2002 the Norwegian krone grew to record high levels against the United States dollar and the euro. On 2 January 2002, 100 ...