Norges Bank

Norwegian Krone

Http://www.norges-bank.no

Norges Bank is the central bank of Norway. It was founded by Act of 14 November 1816 of the Storting. Previously, the monetary policy of Denmark was designed because of the personal union.

Prehistory

In § 110 of the November Constitution of 1814 was determined that Norway 's own bank, his own money and coinage reserves. After the separation from Denmark in 1814, the Norwegian branch of the Danish Central Bank " Norges midlertidige rigsbank " (Norway's preliminary Reichsbank ) had been renamed. For the budget of the Norwegian kingdom, the Bank should produce 14 000 000 Rigsbankdaler as paper bonds, the value the Parliament guaranteed the course. That was the Eidsvollgarantie. It was repealed on 22 January 1816.

At this time there were many Rigsbankdaler in the form of bank notes in circulation. They came still partly by the Danish Reichsbank, as this in Oslo had a branch or under the personal union of Denmark and Norway, and partly by Christian Friedrich, as this had been elected after the separation from Denmark temporarily to the Norwegian king.

The establishment of the Central Bank

The central bank should be founded a capital of 2 000 000 Speciedaler obtained, which should be applied by voluntary subscription of shares. That failed, so a silver tax was levied, which was to be paid with coins or precious metal. For this you received corresponding shares. If the voluntary subscription of the shares would succeed, the bank should have its seat in Christiania, otherwise in Trondheim with departments in Christiania, Bergen and Kristiansand. So initially Trondheim was the seat of the Norwegian Bank. By Laws of 5 - 9th April/14. June 1816 the Norwegian Central Bank was established and introduced the Speciedaler as the new currency unit. There I acted for a private limited company. She received a concession for 30 years and the right to issue bank notes, which should be a valid method of payment.

In 1897 the bank to Christiania.

The central bank today

Today, the Central Bank has its headquarters in the capital, Oslo. The bank employs well over 500 people. It is led by a seven- member board, appointed by the government on behalf of the king. President of the Central Bank is Svein Gjerdrem. The activities of the board are controlled by a board, whose 15 members are elected by the Storting.

In addition to the usual tasks of a central bank, in particular the determination of the prime rate and the output of the Norwegian crown, responsible Norges Bank and the management of part of state funds: Foreign investment by Statens pensjonsfond, which is to ensure the sustainable use of revenues from oil production are controlled by a separate department. The Department has also beside Oslo extensions in London, New York, Shanghai, and Pune in India.