, the social partners agreed on a wage norm of 5. 2 percent for 2023, which also turned out to be the rate of overall annual wage growth. by a good 1 / 5 bis - central bankers'speeches margin, wage growth reached its highest level since 2008. given the low growth in productivity, the pay increases led to higher business costs. chart : the krone depreciated in spring of last year, international interest rates reached the highest levels since the 2008 financial crisis, and main trading partners'policy rates rose to higher levels than our policy rate. this likely contributed to a depreciation of the krone. measured against a basket of currencies of countries from which we import goods, the krone has gradually lost value over recent years. if we look at developments against individual currencies, the picture is more mixed. the us dollar has appreciated against many currencies, including the krone. this illustrates that the krone depreciation is due not only to conditions specific to norway. in many situations, a floating exchange rate can act as a cushion for the norwegian economy, as was the case when oil prices plummeted in 2014. at that time, the krone depreciated markedly and contributed to lifting activity in the tradable goods sector. the norwegian economy could move on a different path than surrounding countries in the future too, and a floating krone will be of benefit to our economy. a floating exchange rate can reduce the cost of structural adjustments. last year, however, amid weaker growth prospects and already too high inflation, the krone depreciation made the monetary policy trade - offs more challenging. we do not have an exchange rate target for the krone. when we are concerned with the exchange rate, it is because a weaker krone means an increase in prices for imported goods. moreover, a weaker krone can lead to higher activity and increased profits in the export sector, which can in turn lead to stronger wage growth and contribute to a longer period of high domestic cost inflation. chart : we have raised the policy rate more than envisaged our assessment at the beginning of 2023 was that we were approaching the policy rate peak. but, in the course of spring, it became clear that a higher rate was required. unemployment had increased less than feared, while inflation had remained higher than expected. at the same time, high wage growth and a weaker krone would continue to push up inflation going forward.

unlisted investments in renewable energy infrastructure. nbim has a group in place that has begun to seek out opportunities in this sector. we set the same risk and return requirements for the investments under these mandates as for the rest of the fund ’ s investments. everything we do in the area of ownership is, and must be, a result of an active approach. in our active management, we seek at all times to make the most of analyses we have performed and the knowledge we have acquired over the past 20 years. our internal asset managers closely follow the largest european companies in particular. knowing the companies well puts the fund in position where it is possible to earn excess returns. external management in emerging markets, we benefit greatly from our use of external asset managers. knowledge of and proximity to markets are essential for being able to assess the risk of investments. in view of challenges associated with responsible investment, a passive investment strategy is not really appropriate in these markets. this is an area where active choices must be made. we look at the choice of external asset managers as an investment decision. since 1998, we have invested through 319 different external active equity managers. to retain their mandates, they must show over time that they can identify profitable investments. they must also take responsible investment into account. the fund ’ s size and breadth enable us to follow up the external asset managers systematically over time. internally, we employ portfolio managers who perform their own analyses and monitor the external asset managers ’ portfolios. all aspects of the activities of these managers are evaluated to ensure that they meet our requirements and expectations. chart : net relative return. external asset managers we get back much more from external asset managers than we have paid for their services. in the period to 2019, cumulative excess return after costs associated with external mandates has 4 / 5 bis central bankers'speeches been nok 48 billion. the results have exceeded expectations. at the same time, these investments spread the fund ’ s risk across more markets. external asset managers also help the fund to steer clear of problematic business models and companies and sectors with weak ownership structures. it would have been difficult to achieve without local knowledge. the executive board intends to raise the limit for the external management mandates to 5 percent of the fund next year. conclusion the fund has become larger than anyone could have imagined only a few years ago. how we manage the fund in the best way possible and ensure that its assets benefit current and future generations alike is a question that is more relevant than ever