Norway's Gjedrem appointed to second term

- Central Banking staff
- 05 Nov 2004

Norges Bank governor Svein Gjedrem was appointed to a second term on Friday 29 October. Press reports described the move as a vote of confidence for his management policies.

The 54-year-old economist was appointed to head the central bank on 1 January 1999, for a six-year term.

AP reported that the Finance Ministry said in a statement that Gjedrem had been selected for a second term starting 1 January 2005 and would hold the position for up to six more years.

There was only one other candidate for job, Jan Arhaug, an Oslo-based lawyer, AP said.

Interest rates reached 9 percent in late 2002 under Gjedrem's term but have since fallen to 2.5 percent to stimulate the economy.

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