Today, Norges Bank presents its annual report and financial statements for 2023. The annual report contains 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 2023.

Norges Bank’s total comprehensive income for 2023 showed a profit of NOK 70 billion. Both equity and fixed income investments showed a positive return in 2023 and contributed to the profit with NOK 30.5 billion and NOK 18.6 billion, respectively. Strong equity markets and falling interest rates globally were the main drivers for these results.

Income from financial instruments totalled NOK 71 billion, including a foreign exchange gain of NOK 30 billion. Norges Bank’s financial statements include the financial reporting for the Government Pension Fund Global. The fund’s portfolio result for 2023 showed a profit of NOK 2 623 billion, including a foreign exchange gain of NOK 409 billion.

The market value of the foreign exchange reserves was NOK 690 billion at year-end 2023, an increase of around NOK 80 billion from year-end 2022. The foreign exchange reserves are primarily invested in sovereign bonds, listed equities and cash. 

Operating expenses amounted to NOK 8.0 billion in 2023, an increase from NOK 6.4 billion in 2022. The increase in expenses compared with 2022 primarily reflects personnel expenses and fees for external managers of the Government Pension Fund Global.

Norges Bank’s total comprehensive income for 2023 showed a profit of NOK 70 billion. Equity after allocations totalled NOK 322 billion at year-end. In line with current guidelines, NOK 18 billion will be transferred to the Treasury in 2024 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 on www.nbim.no.