Today, Norges Bank presents its annual report and financial statements for 2022. The annual report contains an account of Norges Bank’s activities in 2022, the annual report of the Executive Board, the annual report of the Monetary Policy and Financial Stability Committee and Norges Bank’s annual financial statements for 2022.

Norges Bank’s total comprehensive income for 2022 showed a loss of NOK 11 billion. Both equity and fixed income investments showed a negative return in 2022, -16.8 percent and -7.5 percent, respectively, against the backdrop of weak equity markets and rising interest rates globally.

Expenses from financial instruments totalled NOK 10 billion, including a foreign exchange gain of NOK 46 billion, which made a strong contribution towards dampening the loss for the year. Norges Bank’s financial statements include the financial reporting for the Government Pension Fund Global. The fund returned a loss on the portfolio of NOK 1 637 billion in 2022.

The market value of the foreign exchange reserves was NOK 610 billion at year-end 2022, a decrease of around NOK 33 billion from year-end 2021. The foreign exchange reserves are primarily invested in sovereign bonds, listed equities and cash. 

Operating expenses amounted to NOK 6.4 billion in 2022, an increase from NOK 5.9 billion in 2021. The increase in expenses compared with 2021 primarily reflects personnel expenses. This is offset somewhat by lower fees for external managers of the Government Pension Fund Global.

Norges Bank’s total comprehensive income for 2022 showed a loss of NOK 11 billion. Equity after allocations totalled NOK 270 billion at year-end. In line with current guidelines, NOK 8 billion will be transferred to the Treasury in 2023 Q1.

For more information on the annual reporting for the Government Pension Fund Global, please see the separate annual report on the fund and the related press release.