The Norwegian government has appointed Jens Stoltenberg as governor of Norges Bank’s executive board for a period of six years.

Stoltenberg will assume the role in December 2022, with deputy governor, Ida Wolden Bache, appointed as interim governor until Stoltenberg takes office.

Current governor, Øystein Olsen, announced his intention to step down in August 2021 and will resign from his position after his annual address in February 2022.

Norges Bank, which manages Norway’s Government Pension Fund Global, will then see Bache assume the role of interim governor from 1 March 2022.

Stoltenberg will step down from his role of Nato secretary general, a job he has held since 2014, at the end of September 2022.

Prior to joining Nato, he had a career in Norwegian politics, including as Labor Party leader, prime minister, finance minister, and business and energy minister.

“I have been concerned with finding the best central bank governor for Norway, and I am confident that it is Jens Stoltenberg,” said Norway Minister of Finance, Trygve Slagsvold Vedum.

“The combination of financial background, understanding of society and a management experience few in Norway have, makes him very suitable as top manager of Norges Bank, an institution that manages important social tasks on behalf of us all.”

Also commenting on the appointment, current Norges Bank governor, Øystein Olsen, said: “On behalf of Norges Bank, I would like to congratulate Jens Stoltenberg on his appointment as Governor of Norges Bank. I know Mr Stoltenberg to be an engaged and competent economist. I am certain that with his broad experience he will successfully fill this role.

“Mr Stoltenberg cannot take office until around 1 December. But I know that Norges Bank will be in safe hands under the leadership of Deputy Governor Ida Wolden Bache from 1 March.”

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