NOK 26.2 billion loss reported for Norges Bank, strategic goals met

Norges Bank reported a total comprehensive income loss of NOK 26.2 billion for 2025, a stark contrast to the NOK 95.1 billion profit in 2024.

Despite the loss, NOK 20.1 billion will be transferred to the government as a dividend.

The financial downturn occurred even with positive returns from investments: equity investments in Norges Bank's foreign exchange reserves gained NOK 17.9 billion, and fixed income investments added NOK 22.8 billion.

However, the value of the reserves, measured in Norwegian krone, decreased by NOK 54.2 billion, primarily due to a stronger krone.

Global equity markets, which grew throughout the year, contributed positively to both the Government Pension Fund Global (GPFG) and Norges Bank's foreign exchange reserves.

At year-end 2025, the GPFG was valued at NOK 21,268 billion.

The market value of Norges Bank's foreign exchange reserves, maintained for contingency, was NOK 749 billion.

Norges Bank continued modernizing its settlement system in 2025.

The Executive Board introduced tradeable central bank certificates as a new instrument to withdraw surplus liquidity from the banking system, enhancing liquidity management.

The 2023–2025 strategy period concluded, with Norges Bank largely achieving its strategic ambitions.

For 2026–2028, "Strategy 28" was prepared, outlining key priorities.

These include positioning the GPFG as the leading global investment fund and establishing the central bank as Norway's foremost institution in macroeconomic analysis.

Governor Ida Wolden Bache highlighted the prevailing uncertainty: "The economic outlook is uncertain, and we must be prepared for considerable fluctuations in the return and market value of both the Government Pension Fund Global and the foreign exchange reserves ahead.

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