Monetary Policy Report 3/2023
Description
The policy rate is set by Norges Bank’s Monetary Policy and Financial Stability Committee. Policy rate decisions are taken at the Committee’s monetary policy meetings. The Committee normally holds eight monetary policy meetings per year. The Monetary Policy Report is published four times a year in connection with four of the monetary policy meetings. Prior to publication, several seminars and meetings are held at which analyses are presented to the Committee, and economic developments, the balance of risks and the monetary policy stance are deliberated. On the basis of the analyses and deliberations, the Committee assesses future interest rate developments. The final policy rate decision is made on the day prior to the publication of the Report. In connection with the monetary policy meetings without a Report, the Committee ordinarily meets twice. The Committee’s assessment of the economic outlook and monetary policy is presented in “Monetary policy assessment”.
At its meetings on 5 and 12 September 2023, the Committee discussed the economic outlook and the monetary policy stance. On 20 September, the Committee decided on the policy rate, on the basis of the deliberations and a recommendation from Norges Bank staff. he Bank’s monetary policy strategy describes the Committee’s interpretation of the monetary policy mandate and provides a framework for the Committee’s assessment of how monetary policy will respond to different shocks.