Krona's rise eats into Norges Bank's balance sheet
Norges Bank made a loss of NOK 17.6billion ($3.5 billion) in 2007 compared with a profit of NOK 5.5billion ($1.1 billion) in the previous year, the central bank's annual report reveals.
The key reason behind this financial result is the appreciation of the Norwegian krone against most of the main currencies in the foreign exchange reserves.
Reserves showed a loss of NOK 26.9 billion ($5.3 billion), while the loss in 2006 amounted only to NOK 5.1 billion ($1 billion).
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