Jens Stoltenberg will not lead the Norges Bank (Norges Bank) as his role as NATO Secretary-General has been extended for another year.
The new central bank governor has been appointed to Ida Volden Bache, who has been interim governor since March 1, after the retirement of former chairman Oystein Olsen for six years. The 49-year-old Volden Bache will be the first woman to lead the Norges Bank.
Stortemberg was scheduled to become chairman of the Norges Bank in September of this year, when the NATO contract ended. However, it was revealed on Thursday that during the summit, NATO leaders agreed to extend the current Secretary-General’s duties until September 30, 2023. This decision was made in response to the situation around Ukraine.
Earlier, the Norges Bank decided to raise the key rate for the third time since December, following the March meeting amid accelerating inflation and increasing pressure on wages. Currently, it is 0.75% per year. Regulators have also raised their interest rate outlook from 1.75% announced in December to 2.5% by the end of 2023.
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