The foreign exchange reserves are divided into a fixed income portfolio and an equity portfolio. The foreign exchange reserves also include a petroleum buffer portfolio, which is intended provide for an appropriate management of the government's need for converting foreign currency and NOK and for transfers to and from the Government Pension Fund Global (GPFG). The fixed income portfolio and petroleum buffer portfolio are managed by Norges Bank Central Banking Operations (CBO). The equity portfolio is managed by Norges Bank Investment Management (NBIM).

Norges Bank's Executive Board lays down principles for management of the foreign exchange reserves, in which the investment universe and benchmark indexes for the equity and fixed income portfolios are defined, as well as the strategic equity allocation and maximum expected relative volatility. The Executive Board has delegated to the Governor the authority to lay down supplementary guidelines for management and has authorised the Governor to depart from the principles if warranted by security considerations.

The foreign exchange reserves may be invested in cash deposits and Treasury bills and sovereign bonds issued by France, Germany, Japan, the UK, the US and China and in equities listed on a regulated and recognised exchange. The foreign exchange reserves may not be invested in securities excluded from the GPFG's investment universe.