natgillin/translations-raw huggingface dataset:
My focus will be on explaining distinctive aspects of the Norwegian economy, which is based largely on a limited number of commodities. 
My focus will be on explaining distinctive aspects of the Norwegian economy, which is based largely on a limited number of commodities.
GDP per capita is slightly higher than in most other European countries. 
GDP per capita is slightly higher than in most other European countries.
These revenues also allow Norway to operate with a substantial current account and government budget surplus. 
These revenues also allow Norway to operate with a substantial current account and government budget surplus.
The petroleum sector employs only a small part of the total labour force, but brings in substantial revenues. 
The petroleum sector employs only a small part of the total labour force, but brings in substantial revenues.
The importance of the petroleum sector 
The importance of the petroleum sector
The level of future oil production is highly uncertain. 
The level of future oil production is highly uncertain.
The Norwegian government runs a budget surplus including petroleum revenues. 
The Norwegian government runs a budget surplus including petroleum revenues.
The columns show the budget surplus (or deficit), excluding petroleum revenues. 
The columns show the budget surplus (or deficit), excluding petroleum revenues.
The line represents total net government surplus, which is transferred to the Government Petroleum Fund. 
The line represents total net government surplus, which is transferred to the Government Petroleum Fund.
The surplus also includes yields on Fund investments. 
The surplus also includes yields on Fund investments.
Oil prices and hence petroleum revenues fluctuate over time. 
Oil prices and hence petroleum revenues fluctuate over time.
Focusing on the last 15 years, somewhat larger fluctuations have been observed since 1997. 
Focusing on the last 15 years, somewhat larger fluctuations have been observed since 1997.
In 1998 the price of oil dropped temporarily below $10 per barrel. 
In 1998 the price of oil dropped temporarily below $10 per barrel.
This year the price has increased substantially above the $15 to $17 a barrel price range that we consider a more "normal" level. 
This year the price has increased substantially above the $15 to $17 a barrel price range that we consider a more "normal" level.
Fluctuating oil prices and economic stability: Dutch disease and the Government Petroleum Fund 
Fluctuating oil prices and economic stability: Dutch disease and the Government Petroleum Fund
Oil revenues increase consumption possibilities. 
Oil revenues increase consumption possibilities.
In general, income can either be used now, or saved by accumulating assets abroad, so as to redistribute the increased income and thus consumption between generations. 
In general, income can either be used now, or saved by accumulating assets abroad, so as to redistribute the increased income and thus consumption between generations.
This will allow for increased consumption of both exposed and sheltered sector goods. 
This will allow for increased consumption of both exposed and sheltered sector goods.
The extent of the reallocation will depend on how fast the revenues are used and how much is saved for future consumption. 
The extent of the reallocation will depend on how fast the revenues are used and how much is saved for future consumption.
Suppose, as one extreme, that all income entering the government budget were used in that same period. 
Suppose, as one extreme, that all income entering the government budget were used in that same period.
Norwegian economic policy is organised to counteract such instability. 
Norwegian economic policy is organised to counteract such instability.
The share of government spending financed by oil revenues varies over the business cycle. 
The share of government spending financed by oil revenues varies over the business cycle.
The Petroleum Fund serves many purposes. 
The Petroleum Fund serves many purposes.
It is a means of storing wealth and redistributing income from oil extraction between generations, of buffering against changes in oil prices, and of facilitating demand management. 
It is a means of storing wealth and redistributing income from oil extraction between generations, of buffering against changes in oil prices, and of facilitating demand management.
North Sea oil and gas reserves are part of Norway's economic wealth. 
North Sea oil and gas reserves are part of Norway's economic wealth.
This corresponds to around 1 per cent of Norway's annual GDP. 
This corresponds to around 1 per cent of Norway's annual GDP.
By comparison, annual trend growth in the mainland economy is slightly over 2 per cent. 
By comparison, annual trend growth in the mainland economy is slightly over 2 per cent.
At the same time some of the wealth is saved abroad to redistribute income between generations. 
At the same time some of the wealth is saved abroad to redistribute income between generations.
Stability of the Norwegian krone 
Stability of the Norwegian krone
Let us turn to the stability of the krone. 
Let us turn to the stability of the krone.
Is this the case, or has stabilisation policy been successful in Norway so far? 
Is this the case, or has stabilisation policy been successful in Norway so far?
Looking at the data, we note that the krone exchange rate has been fairly stable over time. 
Looking at the data, we note that the krone exchange rate has been fairly stable over time.
Since 1986 the authorities have focused on stability of the krone exchange rate. 
Since 1986 the authorities have focused on stability of the krone exchange rate.
From 1986 to 1992 Norway had a fixed exchange rate system with a defined central rate with fluctuation margins. 
From 1986 to 1992 Norway had a fixed exchange rate system with a defined central rate with fluctuation margins.
This system was abandoned in 1992 after extensive speculation against the krone during the period of unrest in European exchange markets. 
This system was abandoned in 1992 after extensive speculation against the krone during the period of unrest in European exchange markets.
Following the decision to allow the krone to float on 10 December 1992, the guidelines for monetary policy were revised. 
Following the decision to allow the krone to float on 10 December 1992, the guidelines for monetary policy were revised.
The krone depreciated slightly immediately after the crisis, but then remained stable without extensive use of Norges Bank's instruments. 
The krone depreciated slightly immediately after the crisis, but then remained stable without extensive use of Norges Bank's instruments.
Since 1996, the exchange rate has fluctuated more widely. 
Since 1996, the exchange rate has fluctuated more widely.
There may be several reasons for this. 
There may be several reasons for this.
Wage inflation in 1997 and 1998 was higher than in other countries. 
Wage inflation in 1997 and 1998 was higher than in other countries.
Turbulence in international financial markets has also had an important contagion effect on the krone. 
Turbulence in international financial markets has also had an important contagion effect on the krone.
The crisis, first in Asia and later in Russia, led to considerable turbulence in international markets. 
The crisis, first in Asia and later in Russia, led to considerable turbulence in international markets.
All in all, these factors contributed to creating depreciation expectations. 
All in all, these factors contributed to creating depreciation expectations.
Monetary policy is aiming at exchange rate stability. 
Monetary policy is aiming at exchange rate stability.
Norges Bank responded by increasing its key rates seven times through 1998, with a total of 4 ½ percentage points. 
Norges Bank responded by increasing its key rates seven times through 1998, with a total of 4 ½ percentage points.
After the last interest rate increase, in August 1998, the interest rate on banks' deposits in Norges Bank was 8 per cent. 
After the last interest rate increase, in August 1998, the interest rate on banks' deposits in Norges Bank was 8 per cent.
This would not be a credible monetary policy. 
This would not be a credible monetary policy.
The last cut was on 22 September, when the interest rate was reduced to 5.5 per cent. 
The last cut was on 22 September, when the interest rate was reduced to 5.5 per cent.
Moreover, the average inflation rate in the 1990's has been 2 ¼ per cent, indicating real exchange rate stability. 
Moreover, the average inflation rate in the 1990's has been 2 ¼ per cent, indicating real exchange rate stability.
Norges Bank will therefore focus on factors determining long-term exchange rate stability. 
Norges Bank will therefore focus on factors determining long-term exchange rate stability.
The mandate 
The mandate
Let us turn to the mandate for monetary policy and how Norges Bank interprets its role and responsibilities. 
Let us turn to the mandate for monetary policy and how Norges Bank interprets its role and responsibilities.
The political authorities formulate Norges Bank's mandate for the conduct of monetary policy. 
The political authorities formulate Norges Bank's mandate for the conduct of monetary policy.
The mandate is laid down in the Exchange Rate Regulation, adopted by Royal Decree of 6 May 1994. 
The mandate is laid down in the Exchange Rate Regulation, adopted by Royal Decree of 6 May 1994.
Section 2 of the Regulation states: 
Section 2 of the Regulation states:
No fluctuation margins are established, nor is there an appurtenant obligation on Norges Bank to intervene in the foreign exchange market" (my italics). 
No fluctuation margins are established, nor is there an appurtenant obligation on Norges Bank to intervene in the foreign exchange market" (my italics).
Instruments are to be oriented towards maintaining a stable krone exchange rate against European currencies. 
Instruments are to be oriented towards maintaining a stable krone exchange rate against European currencies.
Norges Bank has chosen to define the term European currencies as the euro from 1 January 1999. 
Norges Bank has chosen to define the term European currencies as the euro from 1 January 1999.
The Regulation does not stipulate a central rate with specific fluctuation margins. 
The Regulation does not stipulate a central rate with specific fluctuation margins.
Norges Bank interprets the concept initial range as a broad indication of a central rate around which the krone can fluctuate. 
Norges Bank interprets the concept initial range as a broad indication of a central rate around which the krone can fluctuate.
It is important to note that the concept significant changes is not quantified. 
It is important to note that the concept significant changes is not quantified.
Significant must therefore be given an economic content. 
Significant must therefore be given an economic content.
The expressions with a view to, over time, aimed at and based on also show that Norges Bank has considerable latitude for exercising discretion. 
The expressions with a view to, over time, aimed at and based on also show that Norges Bank has considerable latitude for exercising discretion.
The instruments 
The instruments
Interventions influence the supply of kroner in the exchange market. 
Interventions influence the supply of kroner in the exchange market.
Monetary policy may thus influence price and cost inflation through both these channels. 
Monetary policy may thus influence price and cost inflation through both these channels.
In Norges Bank's experience, extensive exchange-market interventions have yielded poor results. 
In Norges Bank's experience, extensive exchange-market interventions have yielded poor results.
It is then tempting to take positions in the foreign exchange market against the central bank. 
It is then tempting to take positions in the foreign exchange market against the central bank.
Norges Bank does not intend to behave in a way that will prompt such game situations. 
Norges Bank does not intend to behave in a way that will prompt such game situations.
The effect on interest rates on financial instruments with longer maturities is not as direct. 
The effect on interest rates on financial instruments with longer maturities is not as direct.
A higher interest rate will, therefore, normally result in an appreciation. 
A higher interest rate will, therefore, normally result in an appreciation.
Exercising discretion in monetary policy 
Exercising discretion in monetary policy
More specifically, stability of the exchange rate requires that: 
More specifically, stability of the exchange rate requires that:
Let me explain in more detail. 
Let me explain in more detail.
In this situation Norges Bank should carefully evaluate the reasons for exchange rate movements. 
In this situation Norges Bank should carefully evaluate the reasons for exchange rate movements.
We note, however, that the present exchange rate level has more or less prevailed for more than ten years. 
We note, however, that the present exchange rate level has more or less prevailed for more than ten years.
On the basis of its analyses, Norges Bank does not find grounds for regarding this level as inappropriate. 
On the basis of its analyses, Norges Bank does not find grounds for regarding this level as inappropriate.
How does the Norwegian regime differ from inflation targeting? 
How does the Norwegian regime differ from inflation targeting?
Norway has a long tradition of co-operation between the political authorities and social partners. 
Norway has a long tradition of co-operation between the political authorities and social partners.
In Norway fiscal policy has an important role in demand management. 
In Norway fiscal policy has an important role in demand management.
The active role it has played in demand management has functioned as an anchor for fiscal discipline. 
The active role it has played in demand management has functioned as an anchor for fiscal discipline.
In other countries this role must be filled by the exchange rate. 
In other countries this role must be filled by the exchange rate.
The institutional set-up for monetary policy in Norway is different. 
The institutional set-up for monetary policy in Norway is different.
This is consistent with our concern that the economy may run into a Dutch disease. 
This is consistent with our concern that the economy may run into a Dutch disease.
Economic developments 
Economic developments
For 1999 Norges Bank expects a growth rate of ½ per cent. 
For 1999 Norges Bank expects a growth rate of ½ per cent.
Growth is anticipated to be low also next year and approach trend growth in 2001. 
Growth is anticipated to be low also next year and approach trend growth in 2001.
Chart 14 shows the key technical assumptions underlying Norges Bank's projections. 
Chart 14 shows the key technical assumptions underlying Norges Bank's projections.
Norges Bank has changed its procedures this year. 
Norges Bank has changed its procedures this year.
Each month the Executive Board of the Bank discusses monetary policy. 
Each month the Executive Board of the Bank discusses monetary policy.
The dates for the monthly meetings are announced ahead of time. 
The dates for the monthly meetings are announced ahead of time.
After each meeting there is a press release at 2 pm and a press conference at 4 p.m. 
After each meeting there is a press release at 2 pm and a press conference at 4 p.m.
Additional information from Norges Bank in English, such as articles and speeches, is available on Norges Bank's web site www.norges-bank.no. 
Additional information from Norges Bank in English, such as articles and speeches, is available on Norges Bank's web site www.norges-bank.no.
Series: Survey of Bank Lending Number: 2/2015 
Serie: Utlånsundersøkelse Nummer: 2/2015
Results of the survey (PDF 107.6 Kb) 
Resultater fra undersøkelsen (PDF 81,0 Kb)
Demand for fixed-rate loans continued to increase. 
Etterspørselen etter fastrentelån fortsatte å øke.
Corporate credit demand was approximately unchanged in Q2. 
Etterspørselen etter kreditt fra foretak var omlag uendret i 2. kvartal.
Banks report lower margins on lending to both households and enterprises in Q2. 
Bankene melder om lavere utlånsmarginer på lån til både husholdninger og foretak i 2. kvartal.
Banks expect margins on lending to households to fall further in Q3. 
Bankene venter at utlånsmarginene på lån til husholdningene vil falle videre i 3. kvartal.
Norges Bank will sell foreign exchange equivalent to NOK 700 million per day in connection with the transfers to the Government Pension Fund Global (GPFG) in August 2015. 
Noregs Bank vil selje valuta tilsvarande 700 millionar kroner kvar dag i samband med avsettinga til Statens pensjonsfond utland (SPU) i august 2015.
Economic commentaries 4/2015 (PDF 187.8 Kb) 
Aktuell kommentar 4/2015 (PDF 213,0 Kb)
Economic developments in Norway between 2000 and 2014 were marked by the steep rise in oil prices in the same period. 
Den økonomiske utviklingen i Norge i årene fra 2000 til 2014 var preget av den kraftige oppgangen i oljeprisen i samme periode.
Demand from oil companies operating on both the Norwegian continental shelf and in the rest of the world increased sharply, contributing to rapid market growth for Norwegian firms specialising in deliveries to the petroleum sector. 
Etterspørselen fra oljeselskapene både på norsk sokkel og i resten av verden økte markert.
In 2014, around 300 000 jobs in the Norwegian economy were likely linked to the petroleum sector, nearly twice as many as at the turn of the millennium. 
I 2014 var trolig rundt 300 000 av arbeidsplassene i norsk økonomi knyttet til oljevirksomheten.
In addition, increased petroleum revenues have provided room for higher consumption. 
I tillegg har de økte oljeinntektene gitt rom for høyere konsum.
Norges Bank has decided to exclude the companies IJM Corp Bhd, Genting Bhd, POSCO and Daewoo International Corp from the investment universe of the GPFG. 
Norges Bank har besluttet å utelukke selskapene IJM Corp Bhd, Genting Bhd, POSCO og Daewoo International Corp fra Statens pensjonsfond utland.
The companies are excluded base on an assessment of the risk of severe environmental damage. 
Selskapene utelukkes etter en vurdering av risikoen for alvorlig miljøskade.
The Executive Board's decision on exclusion was made on the basis of the recommendations of the Council of Ethics. 
Hovedstyrets beslutning om utelukkelse ble tatt på bakgrunn av tilrådninger fra Etikkrådet.
Before deciding to exclude a company, Norges Bank shall consider whether the use of other measures, including the exercise of ownership rights, may be better suited. 
Før utelukkelse skal banken vurdere om andre virkemidler, herunder eierskapsutøvelse, kan være bedre egnet.
The Government Pension Fund Global returned -0.9 percent, or -73 billion kroner, in the second quarter of 2015. 
Statens pensjonsfond utland fikk i andre kvartal 2015 en avkastning på -0,9 prosent, tilsvarende -73 milliarder kroner.
Equity investments returned -0.2 percent, and fixed-income investments -2.2 percent. 
Aksjeinvesteringene ga en avkastning på -0,2 prosent, mens avkastningen på renteinvesteringene var -2,2 prosent.
The return on these investments was 0.4 percentage point higher than the return on the benchmark indices. 
I andre kvartal var den samlede avkastningen på aksje- og renteinvesteringene 0,4 prosentpoeng høyere enn referanseindeksenes avkastning.
Investments in real estate returned 2.0 percent. 
Investeringer i eiendom fikk en avkastning på 2,0 prosent.
We voted at 7,084 general meetings in the second quarter, when the bulk of the year's general meetings take place. 
Hoveddelen av årets generalforsamlinger finner sted i løpet av andre kvartal.
We considered and voted on 49 shareholder proposals on environmental and social issues on the basis of our principles for long-term active ownership. 
Vi vurderte og stemte på blant annet 49 aksjonærforslag om miljørelaterte og sosiale spørsmål med utgangspunkt i våre prinsipper for langsiktig eierskapsutøvelse.
Thomas Sevang, Head of Communications and External Relations Tel: +47 926 01 756 / +47 2407 3561 E-mail: press@nbim.no 
Kommunikasjonssjef Thomas Sevang Tlf: +47 926 01 756/+47 24 07 35 61 Epost: press@nbim.no
Series: Foreign exchange reserves Number: 2/2015 
Serie: Valutareserver Nummer: 2/2015
Report for second quarter 2015 (PDF 724.0 Kb) 
Rapport for andre kvartal 2015 (PDF 659,6 Kb)
Norges Bank will sell foreign exchange equivalent to NOK 700 million per day in connection with the transfers to the Government Pension Fund Global (GPFG) in September 2015. 
Noregs Bank vil selje valuta tilsvarande 700 millionar kroner kvar dag i samband med avsettinga til Statens pensjonsfond utland (SPU) i september 2015.
The following applies as from 1 October 2015: 
Fra og med 1. oktober 2015 gjelder følgende:
Division of banks into groups (as of September 2015) 
Inndeling av banker i grupper (per september 2015)
Group 3: All B-banks in NBO* (107 banks) 
Gruppe 3: Alle B-bankene i NBO* (107 banker)
Danske Bank NUF** 
Danske Bank NUF**
BNP Paribas Fortis SA-NV Norway Branch 
BNP Paribas Fortis SA-NV Norway Branch
*Norges Bank's settlement system, **Settlement bank 
*Norges Banks Oppgjørssystem, **Oppgjørsbank
The quotas that apply as from 1 October 2015 are set on the basis of banks' total assets as at 30 June 2015. 
Kvotene som gjelder fra 1. oktober 2015, er beregnet på grunnlag av bankenes forvaltningskapital per 30. juni 2015.
Banks' quotas to be applied as from 1 October 2015. 
Bankenes kvoter som gjelder fra 1. oktober 2015.
3 146 892 119 
3 146 892 119
67.0 % 
67.0 %
30 170 033 
30 170 033
5 000 000 
5 000 000
889 479 623 
889 479 623
19.0 % 
19.0 %
8 527 661 
8 527 661
570 000 
570 000
657 363 392 
657 363 392
14.0 % 
14.0 %
6 302 305 
6 302 305
4 693 735 134 
4 693 735 134
The settlement banks DNB, SpareBank 1 SMN and Danske Bank are assigned quotas as follows (Table 3): 
Oppgjørsbankene DNB, Sparebank 1 SMN og Danske Bank får tilleggskvoter som vist i tabell 3:
Quotas for settlement banks, DNB, SpareBank 1 SMN and Danske Bank*. 
Tilleggskvoter for DNB, SpareBank 1 SMN og Danske Bank*.
6 300 000 
6 300 000
SpareBank 1 SMN 
SpareBank 1 SMN
600 000 
600 000
1 170 000 
1 170 000
100 000 
100 000
For a further description of the system for the management of bank reserves, see Management of bank reserves: The system in Norway. 
For en nærmere beskrivelse av systemet for styring av bankenes reserver, se Styring av bankenes reserver: Systemet i Norge.
Norges Bank's letter of 31 August 2015 to the Ministry of Finance. 
Norges Banks brev av 31. august 2015 til Finansdepartementet.
We refer to the Ministry's letter of 25 June 2015 on the Government Pension Fund Global (GPFG) and investments in, and policy tools for, coal companies etc. 
Vi viser til Finansdepartementets brev 25. juni 2015 om Statens pensjonsfond utland (SPU) og investeringer og virkemiddelbruk i kullselskaper mv.
In its letter, the Ministry writes that the purpose of the ethically motivated criteria for exclusion must still be to reduce the risk of the fund being invested in companies that are complicit in, or themselves responsible for, gross breaches of norms. 
I brevet viser Finansdepartementet til at formålet med de etisk motiverte kriteriene for utelukkelse fortsatt skal være å redusere risikoen for at fondet er investert i selskaper som medvirker til eller selv er ansvarlig for grove normbrudd.
It also writes that there is to be a new product-based criterion for coal-based activities in addition to the new conduct-based climate criterion which is not restricted to specific sectors or types of greenhouse gas. 
Det vises videre til at et nytt produktkriterium for kullbasert virksomhet vil komme i tillegg til det nye, atferdsbaserte klimakriteriet, som ikke vil være begrenset til særskilte sektorer eller type klimagass.
Norges Bank understands that the conduct-based criterion is to be viewed in combination with the new product-based criterion. 
Norges Bank har merket seg at atferdskriteriet skal ses i sammenheng med det nye produktkriteriet.