Norway - Foreign Exchange ControlsNorway - Foreign Exchange
Norway has no currency restrictions. Foreign exchange controls were abolished in 1990. No licensing requirements are in force. The only requirement is a reporting requirement for international payments and financial transactions. The transaction bank generally takes care of this reporting. The Government has defined an inflation target for monetary policy in Norway. The operational target is consumer price inflation of close to 2.5% over time. Monetary policy shall also contribute to stabilizing output and employment. The interest rate on banks’ deposits with the Central Bank of Norway (the sight deposit rate) is the most important monetary policy instrument.