natgillin/translations-raw huggingface dataset:
In its September Inflation Report, Norges Bank projects consumer price inflation at a little less than 2½ per cent in 1998. 
Norges Bank anslår i sin siste inflasjonsrapport konsumprisveksten til i underkant av 2½ prosent i år.
If the exchange rate remains at its current level, price inflation may rise to 3¼ per cent in 1999. 
Skulle valutakursen bli liggende på dagens nivå, kan prisveksten i 1999 komme opp i 3¼ prosent.
In a commentary, Central Bank Governor Kjell Storvik points out that monetary policy is conducted in accordance with the Exchange Rate Regulation. 
I en kommentar sier sentralbanksjef Kjell Storvik at pengepolitikken er forankret i valutakursforskriften.
"Monetary policy instruments are oriented with a view to returning the krone exchange rate to its initial range, as defined in the Exchange Rate Regulation. 
- Virkemidlene i pengepolitikken er innrettet med sikte på å bringe kronekursen tilbake til utgangsleiet slik dette er definert i forskriften.
A tighter fiscal stance will contribute to facilitating the implementation of monetary policy," says Governor Storvik. 
En innstramming i finanspolitikken vil bidra til å lette gjennomføringen av pengepolitikken, påpeker Storvik.
The Inflation Report presents Norges Bank's projections for the Norwegian economy for 1998 and 1999. 
Inflasjonsrapporten presenterer Norges Banks anslag for norsk økonomi i 1998 og 1999.
After expanding for a number of years, the Norwegian economy will exhibit slower growth next year. 
Veksten i norsk økonomi vil avdempes neste år etter flere år med konjunkturoppgang.
Mainland GDP growth is estimated at 3½ per cent in 1998 and 1¼ per cent in 1999. 
BNP-veksten i Fastlands-Norge anslås til 3½ prosent i år og 1¼ prosent neste år.
The increase in interest rates and growing uncertainty concerning economic developments will contribute to lower growth in private consumption and a marked fall in mainland fixed investment next year. 
Renteoppgangen og større usikkerhet om den økonomiske utviklingen bidrar til lavere vekst i privat konsum og et betydelig fall i investeringene i Fastlands-Norge neste år.
However, capacity utilisation in the economy will remain very high and tight labour market conditions are expected to persist in 1999. 
Men kapasitetsutnyttelsen i økonomien vil fortsatt være meget høy, og presset i arbeidsmarkedet vedvarer det neste året.
The projection for wage growth in 1998 remains unchanged at 6 per cent. 
Lønnsveksten anslås fortsatt til 6 prosent i år.
Monthly turnover in the Norwegian foreign exchange market was equivalent to USD 169.1 billion in April 1998, compared with USD 129.7 billion in April 1995. 
Månedsomsetningen i det norske valutamarkedet i april 1998 tilsvarte 169,1 milliarder amerikanske dollar, mot 129,7 mrd. dollar i samme måned i 1995.
Forward transactions, including swaps, accounted for 65.8 per cent of the turnover. 
Handel i terminer inkludert swapper utgjorde 65,8 prosent av omsetningen.
The US dollar was the most heavily traded currency, and was involved in 41.5 per cent of total turnover. 
Amerikanske dollar var den klart mest handlede valutaen og inngikk i 41,5 prosent av all omsetning.
Foreign exchange transactions in the Deutsche mark declined by about 2.9 percentage points, to 17.2 per cent of total turnover, from 1995 to 1998. 
Tyske mark hadde en tilbakegang i valutahandelen på om lag 2,9 prosentpoeng fra 1995 til 17,2 prosent av all omsetning.
The turnover of interest rate derivatives has risen by about 12 per cent since 1995, with FRAs still accounting for the highest share of turnover, ie 94.3 per cent. 
Omsetningen av rentederivater har økt med om lag 12 prosent siden 1995.
The Norwegian krone was involved in 86.5 per cent of total turnover in FRAs. 
Av omsetningen i FRAer ble 86,5 prosent foretatt i norske kroner.
These figures are based on a survey of activity in the Norwegian foreign exchange market, conducted by Norges Bank in April 1998 among 19 banks. 
Dette går fram av en undersøkelse av aktiviteten i det norske valutamarkedet som Norges Bank gjennomførte blant 19 banker i april i år.
At the same time, a corresponding survey was carried out in 43 other countries. 
Samtidig med at Norges Bank foretok sin undersøkelse, ble tilsvarende undersøkelser gjennomført i 43 andre land.
The survey is designed and coordinated by the Bank for International Settlements (BIS). 
Undersøkelsen er utformet og ledet av Bank for International Settlements (BIS).
Similar surveys were conducted in 1989, 1992 and 1995. 
Det ble gjennomført lignende undersøkelser i 1989, 1992 og 1995.
Average daily turnover of foreign exchange contracts has risen by 17 per cent since 1995 and by 71 per cent since 1992. 
Det går fram at gjennomsnittlig dagsomsetning i valutakontrakter har økt med 17 prosent siden 1995 og 71 prosent siden 1992.
The share of spot transactions declined from 45 per cent in 1995 to 33.6 per cent in 1998. 
Andelen av spot-transaksjoner (handel med oppgjør om to virkedager) ble redusert fra 45 prosent i 1995 til 33,6 prosent i 1998.
This interest rate level, combined with a tight fiscal policy, will also contribute to limiting inflation expectations. 
Dette rentenivået, sammen med en stram finanspolitikk, vil også bidra til å begrense prisstigningsforventningene.
Against this background, Norges Bank will resume foreign exchange trading as part of its implementation of monetary policy. 
Norges Bank vil på denne bakgrunn gjenoppta handel med valuta som et ledd i gjennomføringen av pengepolitikken.
"Norges Bank views the tightening proposed by the Government as appropriate and necessary. 
- Norges Bank oppfatter en innstramming i den størrelsesorden som Regjeringen nå legger opp til, som forsvarlig og nødvendig.
It is crucial that the budget deliberations in the Storting (Norwegian parliament) do not contribute to weakening the overall tightening effect of the proposed programme," the submission states. 
Det er avgjørende at Stortinget i sin behandling av budsjettet ikke bidrar til å svekke den samlede innstrammingsvirkning i forhold til det foreslåtte opplegget, heter det i brevet.
Norges Bank points out that over time a credible objective of exchange rate stability against European currencies implies that Norwegian interest rates will have to move in line with European interest rates. 
Banken peker på at et troverdig mål om stabil valutakurs mot europeiske valutaer over tid vil innebære at det norske rentenivået må tilpasses utviklingen i europeiske renter.
The Bank further underlines that there is a substantial risk that an insufficient tightening of fiscal policy will gradually lead to a situation where inflation may be considerably higher in Norway than in other countries, and where high price and wage inflation may become a dominant problem in the Norwegian economy. 
Det understrekes at det er en betydelig risiko for at en utilstrekkelig innstramming i finanspolitikken etter hvert vil bringe oss til en situasjon der inflasjonen i Norge kan bli vesentlig høyere enn i andre land, og høy pris- og lønnsvekst kan bli et dominerende problem i norsk økonomi.
Norges Bank bases its submission on the Government's views concerning the division of responsibility for economic policy. 
Norges Bank legger i brevet til grunn regjeringens syn på ansvarsdelingen i den økonomiske politikken.
In accordance with the Exchange Rate Regulation, Norges Bank orients its instruments towards stabilising exchange rate movements based on the initial range defined in the Regulation. 
I samsvar med valutakursforskriften retter banken sine virkemidler inn mot å stabilisere valutakursutviklingen med utgangspunkt i det kursleiet forskriften definerer.
The Bank notes that the responsibility for economic stabilisation rests with fiscal policy. 
Det vises til at ansvaret for å stabilisere den økonomiske utviklingen tilligger finanspolitikken.
Norges Bank projects consumer price inflation at 2½ per cent in 1999 and 2¼ per cent in 2000. 
Norges Bank anslår konsumprisveksten til 2½ prosent neste år og 2¼ prosent i 2000.
The projection for 1999 has thus been revised downwards compared with the September Inflation Report. 
For 1999 innebærer dette en nedjustering av anslaget i forrige inflasjonsrapport.
Price inflation will still be slightly higher than among trading partners up to and including the year 2000. 
Prisstigningen vil likevel være noe høyere enn blant handelspartnerne fram til og med 2000.
In the remainder of the projection period, consumer prices are projected to rise at a slightly slower rate than among trading partners. 
Deretter anslås en konsumprisvekst som er noe lavere enn handelspartnernes prisvekst.
Wage growth is estimated at 6 per cent between 1998 and 1999. 
Lønnsveksten fra 1998 til 1999 anslås til 6 prosent.
The wage carryover from 1998 accounts for a large share of the growth in wages. 
En betydelig del av denne lønnsveksten består i lønnsoverheng fra 1998.
Centrally negotiated pay increases are thus estimated to be lower in 1999 than in recent years. 
Det anslås således lavere sentrale lønnstillegg i 1999 enn i de senere årene.
Wage growth is projected at 4¼ per cent in 2000. 
I 2000 avtar lønnsveksten ytterligere til 4¼ prosent.
The estimates are based on the assumption that the krone exchange rate will return to its initial range in the first half of 1999. 
Anslagene er basert på at kronekursen er tilbake i utgangsleiet i løpet av 1. halvår neste år.
In a commentary, Central Bank Governor Kjell Storvik states that the developments presented in the Inflation Report are consistent with a gradual return of the krone exchange rate to its initial range. 
I en kommentar sier sentralbanksjef Kjell Storvik at den utvikling som er avtegnet i inflasjonsrapporten er godt i samsvar med at kronekursen etter hvert bringes tilbake til utgangsleiet.
The social partners can also make a substantial contribution to reducing the cost associated with a restructuring of the labour market by showing moderation in next year's wage settlements. 
Partene i arbeidslivet kan gi et vesentlig bidrag til å redusere omstillingskostnadene i arbeidsmarkedet gjennom et moderat lønnsoppgjør neste år.
The December Inflation Report also includes medium-term projections for the Norwegian economy for the period to 2002. 
Inflasjonsrapporten inneholder denne gang også perspektiver for norsk økonomi fram mot 2002.
This analysis shows that the Norwegian economy features a strong financial position, but that the economy will enter a period of restructuring with slower economic growth and lower price and wage inflation in the years ahead. 
Denne analysen viser at norsk økonomi har en sterk finansiell stilling, men at økonomien vil gå gjennom en tilpasning med redusert økonomisk vekst og lavere lønns- og prisvekst i årene som kommer.
Mainland GDP growth is projected to slow to ½ per cent in 1999, followed by a contraction in mainland GDP of ¼ per cent in 2000. 
Veksten i BNP for Fastlands-Norge anslås å avta til ½ prosent neste år og det ventes et fall på ¼ prosent i 2000.
The turnaround is attributed to weaker profitability in the business sector, slower growth in the world economy and a fall in fixed investment. 
Svekket lønnsomhet i næringslivet, lavere vekst internasjonalt og et fall i realinvesteringene bidrar til omslaget.
As a result, price inflation and the rise in costs will edge down and the current account surplus will again match the budget surplus. 
Dette vil resultere i at pris- og kostnadsveksten avtar og overskuddet på driftsbalansen blir igjen like stort som budsjettoverskuddet.
The projections indicate that demand and output growth will pick up from 2001 following this period of restructuring. 
Anslagene peker i retning av at etterspørsels- og produksjonsveksten etter denne tilpasningen vil ta seg noe opp igjen fra og med 2001.
This is in keeping with Norges Bank's advice to the Ministry of Finance. 
Dette var i samsvar med Norges Banks råd til Finansdepartementet.
The euro will be set at 1:1 against the ECU on the changeover date. 
Når euro innføres som en ny valuta, blir kursforholdet mellom euro og ECU satt lik 1:1 på overgangstidspunktet.
The current guidelines can thus be maintained without any change in the international value of the krone, and the krone's initial range against European currencies will continue to apply. 
Videreføring av gjeldende retningslinjer kan dermed skje uten at kronens internasjonale verdi endres, og kronens utgangsleie mot europeiske valutaer vil fortsatt gjelde.
Norges Bank has issued a new regulation for the Bank's quotation of market exchange rates, which will apply from the changeover to the euro. 
Norges Bank har fastsatt ny forskrift for bankens notering av markedskurser ved innføringen av euro.
The circular relating to the regulation can be obtained from Norges Bank. 
Rundskrivet om forskriften fås ved henvendelse til Norges Bank.
Address by Deputy Governor Jarle Bergo at a conference arranged by Pareto Securities in Oslo, 27 March 2003 
Address by Deputy Governor Jarle Bergo at a conference arranged by Pareto Securities in Oslo, 27 March 2003
The Government has defined an inflation target for monetary policy in Norway. 
The Government has defined an inflation target for monetary policy in Norway.
The operational objective is an inflation rate of 2 ½ per cent over time. 
The operational objective is an inflation rate of 2 ½ per cent over time.
The krone is floating. 
The krone is floating.
We no longer have an exchange rate target. 
We no longer have an exchange rate target.
Exchange rate fluctuations influence consumer price inflation through several channels: 
Exchange rate fluctuations influence consumer price inflation through several channels:
Meanwhile, the exchange rate movements only affect the enterprises' margins. 
Meanwhile, the exchange rate movements only affect the enterprises' margins.
Third, markets with monopolistic competition will often be subject to strategic price setting. 
Third, markets with monopolistic competition will often be subject to strategic price setting.
Imported consumer goods account for about 20 per cent of the CPI adjusted for specific taxes. 
Imported consumer goods account for about 20 per cent of the CPI adjusted for specific taxes.
In the sub-index model, we have estimated separate equations for around 10 sub-indices of the CPI. 
In the sub-index model, we have estimated separate equations for around 10 sub-indices of the CPI.
In the more comprehensive macroeconomic RIMINI model of Norges Bank, the exchange rate operates through a broader range of import prices. 
In the more comprehensive macroeconomic RIMINI model of Norges Bank, the exchange rate operates through a broader range of import prices.
This may indicate that the RIMINI model to some extent overestimates the effects. 
This may indicate that the RIMINI model to some extent overestimates the effects.
The estimates are subject to considerable uncertainty. 
The estimates are subject to considerable uncertainty.
First, there is model- uncertainty. 
First, there is model- uncertainty.
The models are estimated using data from a period dominated by a monetary policy regime with a fixed exchange rate. 
The models are estimated using data from a period dominated by a monetary policy regime with a fixed exchange rate.
New Zealand, Australia and Canada have experienced wide exchange rate fluctuations in recent years. 
New Zealand, Australia and Canada have experienced wide exchange rate fluctuations in recent years.
Second, there is uncertainty about the timing of the pass-through. 
Second, there is uncertainty about the timing of the pass-through.
The two models indicate that the effects are strongest after two years. 
The two models indicate that the effects are strongest after two years.
However, these estimates are based on a long-lasting appreciation. 
However, these estimates are based on a long-lasting appreciation.
The value of the Norwegian krone will vary, as most exchange rates do. 
The value of the Norwegian krone will vary, as most exchange rates do.
The exchange rate may also act as an automatic stabiliser. 
The exchange rate may also act as an automatic stabiliser.
Sentiments in the foreign exchange market may at times be excessively positive towards a currency while at other times they are overly negative. 
Sentiments in the foreign exchange market may at times be excessively positive towards a currency while at other times they are overly negative.
What causes exchange rate movements? 
What causes exchange rate movements?
In the long run exchange rates reflect economic fundamentals. 
In the long run exchange rates reflect economic fundamentals.
When PPP holds, the real exchange rate is a constant in the long run. 
When PPP holds, the real exchange rate is a constant in the long run.
Movements in the real exchange rate represent deviations from PPP. 
Movements in the real exchange rate represent deviations from PPP.
The view of the PPP as a long-term international parity condition is supported by recent empirical literature testing the validity of the PPP hypothesis. 
The view of the PPP as a long-term international parity condition is supported by recent empirical literature testing the validity of the PPP hypothesis.
This relationship has been robust even with considerable changes in economic policy over the years. 
This relationship has been robust even with considerable changes in economic policy over the years.
Within this horizon, several factors may affect the exchange rate. 
Within this horizon, several factors may affect the exchange rate.
Generally these factors are outside the control of the central bank. 
Generally these factors are outside the control of the central bank.
Commodity-exporting countries tend to experience wide fluctuations in their exchange rate. 
Commodity-exporting countries tend to experience wide fluctuations in their exchange rate.
Australia is one example, and New Zealand another. 
Australia is one example, and New Zealand another.
The exchange rate thus serves as a buffer against changes in the terms of trade. 
The exchange rate thus serves as a buffer against changes in the terms of trade.
Oil and gas account for the largest share of Norwegian exports. 
Oil and gas account for the largest share of Norwegian exports.
A substantial portion of the revenues from the sale of oil and gas is invested in foreign equities and bonds through the Government Petroleum Fund. 
A substantial portion of the revenues from the sale of oil and gas is invested in foreign equities and bonds through the Government Petroleum Fund.
The Petroleum Fund thus relieves pressure on the krone exchange rate. 
The Petroleum Fund thus relieves pressure on the krone exchange rate.
Nevertheless, fluctuations occur. 
Nevertheless, fluctuations occur.
The trade-weighted krone appreciated by around 20 per cent from May 2000 until January 2003. 
The trade-weighted krone appreciated by around 20 per cent from May 2000 until January 2003.
The appreciation was particularly pronounced through 2002. 
The appreciation was particularly pronounced through 2002.
The appreciation was the subject of media headlines and caused concerns among exporters. 
The appreciation was the subject of media headlines and caused concerns among exporters.
Importers were more subdued in their comments. 
Importers were more subdued in their comments.
Since end-January the krone has depreciated by around 4 per cent. 
Since end-January the krone has depreciated by around 4 per cent.
How do we explain the strong appreciation of the krone in the period between summer 2000 and January 2003? 
How do we explain the strong appreciation of the krone in the period between summer 2000 and January 2003?
Foreign interest rates fell while Norwegian interest rates remained high. 
Foreign interest rates fell while Norwegian interest rates remained high.
This boosted demand for the Norwegian krone. 
This boosted demand for the Norwegian krone.
As a consequence, many investors wanted to shift portfolios from equities to interest-bearing securities. 
As a consequence, many investors wanted to shift portfolios from equities to interest-bearing securities.
Oil prices rose markedly from the end of 2001. 
Oil prices rose markedly from the end of 2001.
Market participants point out that, ceteris paribus, higher oil prices make the Norwegian krone more attractive. 
Market participants point out that, ceteris paribus, higher oil prices make the Norwegian krone more attractive.
During turbulent periods, investors seek out safe investments. 
During turbulent periods, investors seek out safe investments.
Traditionally, such investments have been gold, the Swiss franc and the US dollar. 
Traditionally, such investments have been gold, the Swiss franc and the US dollar.
The model is estimated using monthly data from July 1999 to January 2003 and fits actual developments rather well. 
The model is estimated using monthly data from July 1999 to January 2003 and fits actual developments rather well.
The model is well-specified judged by standard criteria. 
The model is well-specified judged by standard criteria.
The t-statistics of the estimated coefficients are generally high. 
The t-statistics of the estimated coefficients are generally high.
Accordingly, the standard deviation of the residuals is quite low. 
Accordingly, the standard deviation of the residuals is quite low.
The focus of attention, or "themes", in foreign exchange markets shifts over time. 
The focus of attention, or "themes", in foreign exchange markets shifts over time.
The autumn of 1998 was marked by turbulence in international financial markets. 
The autumn of 1998 was marked by turbulence in international financial markets.
In the last half of the 1990s, capital flows were heavily influenced by investor focus on stock market returns. 
In the last half of the 1990s, capital flows were heavily influenced by investor focus on stock market returns.
These factors contributed because the interest rate differential was positive. 
These factors contributed because the interest rate differential was positive.
The factors make a varying contribution over time. 
The factors make a varying contribution over time.
At that time, oil prices started to increase. 
At that time, oil prices started to increase.
According to the model, higher oil prices can explain about 35 per cent of the appreciation between December 2001 and January 2003. 
According to the model, higher oil prices can explain about 35 per cent of the appreciation between December 2001 and January 2003.
The interest rate effect increased markedly between March 2000 and January 2003. 
The interest rate effect increased markedly between March 2000 and January 2003.
The model fits the historical data very well. 
The model fits the historical data very well.
Looking backwards, the model tells a sensible story. 
Looking backwards, the model tells a sensible story.
However it should be kept in mind that although the model fits historical data very well, it is not necessarily suitable for forecasting purposes. 
However it should be kept in mind that although the model fits historical data very well, it is not necessarily suitable for forecasting purposes.
This is certainly not easy. 
This is certainly not easy.
Exchange rate movements are important in determining future inflation. 
Exchange rate movements are important in determining future inflation.
We need to take account of this in our inflation projections. 
We need to take account of this in our inflation projections.
But what should be our point of departure with regard to the exchange rate assumption? 
But what should be our point of departure with regard to the exchange rate assumption?
Unfortunately, as we have seen, such models are not easily available. 
Unfortunately, as we have seen, such models are not easily available.
This would imply more fluctuations in demand and production. 
This would imply more fluctuations in demand and production.
Alternatively, the exchange rate assumption could be based on economic theory. 
Alternatively, the exchange rate assumption could be based on economic theory.
Norges Bank's projections must be understood as conditional on these assumptions. 
Norges Bank's projections must be understood as conditional on these assumptions.