Executive Board meeting 11 March 2004

1) CPI-ATE: CPI adjusted for tax changes and excluding energy products. A further adjustment is made for the estimated effect of reduced maximum day-care rates from January 2006...

Projections from MPR 3/07 (broken lines). February 2007 – February 2008.. Sources: Statistics Norway and

Sources: Statistics Norway and Norges Bank Domestically produced goods and services (0.7). Imported consumer goods

3.2 Projections from IR 2/03: The CPI-ATE and the output gap with a sight deposit rate of 4 per cent and import-weighted krone. exchange rate equal to the average for 3/6

5.7 Projections for CPI-ATE based on different interest rate and exchange

• The Executive Board’s assessment is that the sight deposit rate should be in the interval 3¼ - 4¼% in the period to the. publication of the next Inflation Report on 15 March 2007,

1) CPI-ATE: CPI adjusted for tax changes and excluding energy products. A further adjustment is made for the estimated effect of reduced maximum day-care rates from January 2006.. 2)

Given the inflation target, we will be mindful of the effects of higher interest rates on the krone exchange rate when inflation is low. Monetary Policy Report 3/07