Today, Norges Bank presents its annual report and financial statements for 2024. The annual report contains the annual reports of the Executive Board and the Monetary Policy and Financial Stability Committee, Norges Bank’s annual financial statements for 2024, including the financial reporting for the Government Pension Fund Global (GPFG), and a section on corporate social responsibility and sustainability.

Norges Bank’s total comprehensive income for 2024 showed a profit of NOK 95.1 billion. Both equity and fixed income investments showed a positive return in 2024 and contributed to the profit with NOK 39.7 billion and NOK 9.1 billion, respectively. In addition, owing to the weakened Norwegian krone, there was an exchange rate gain of NOK 58.9 billion.

Global equity markets have grown considerably, contributing to a high return for both the GPFG and Norges Bank’s foreign exchange reserves. The value of the GPFG increased by NOK 3 985 billion in 2024 and was NOK 19 742 billion at the end of the year.

Norges Bank holds foreign exchange reserves for contingency purposes. The foreign exchange reserves are to be sufficiently large and liquid to be available for use in foreign exchange market transactions as part of the conduct of monetary policy. The market value of the foreign exchange reserves was NOK 789.0 billion at the end of 2024, an increase of NOK 99.2 billion from the end of 2023.

In 2024, Norges Bank purchased NOK 90.4 billion worth of foreign exchange. The volume of foreign exchange transactions carried out by the Bank on behalf of the government was substantially lower than in 2023. This is due to a structural non-oil budget deficit and a reduction in taxes paid by oil companies.

Norges Bank manages, on behalf of the Ministry of Finance, government debt, which was NOK 615 billion at the end of 2024. The borrowing requirement is primarily met through issuing long-term fixed-rate bonds. The government also borrows short-term by selling Treasury bills, which are debt instruments with a maturity of one year or less. The government borrows only in Norwegian kroner.

In November, Norges Bank signed an agreement to participate in the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service. Furthermore, the Executive Board decided to enter into formal discussions with the European Central Bank to participate in the T2 settlement system.

The share of women in Norges Bank increased by two percentage points in 2024 and is now 38 percent. In Norges Bank Investment Management, the increase in the number of women was 10 percent. The share of women in Central Banking was unchanged. Developments over time show a positive trend and we are approaching the Bank’s overall gender balance target of 40 percent.

Operating expenses amounted to NOK 8.8 billion in 2024, an increase from NOK 8.0 billion in 2023. The increase in expenses compared with 2023 primarily reflects personnel expenses and fees for external managers of the GPFG.

For more information on the annual reporting for the GPFG, please see Government Pension Fund Global Annual report 2024.