Executive Board meeting 23 January 2008

1) A rising curve denotes a weaker krone exchange rate Forward rate 4 March Import-weighted exchange rate, I-44 1).. Executive Board meeting 11 March 2004. Projections for CPI-ATE

Interest and exchange rate assumptions and projections for the CPI adjusted for tax changes and excluding energy products (CPI-ATE) and the output gap in Inflation Report 2/04.3.

Interest and exchange rate assumptions and projections for the CPI adjusted for tax changes and excluding energy products (CPI-ATE) and the output gap in Inflation Report 2/04..

Draft minutes of meeting between Norges Bank and the Ministry of Finance on 19 April 2005 STRICTLY CONFIDENTIAL memo 19 May 2005 – Updated inflation outlook from Monetary Policy

Draft minutes of meeting between Norges Bank and the Ministry of Finance on 1 November 2005 Memo 8 December 2005 Report from Norges Bank’s Regional Network from Monetary Policy

But when monetary policy is oriented towards low and stable inflation, this will contribute to a stable krone exchange rate over time.. Interest rates influence inflation

Source: Bloomberg.. Key policy rate, money market rate 1) and weighted bank lending rates 2). Per cent. 1)

1) Implicit one-year (five-year) inflation expectations in one year (five years) can be interpreted as expected one-year (five-year) inflation in one year (five years).