valutapolitikk

Valutapolitikk refers to the set of measures and strategies used by a country's authorities, typically a central bank and government, to influence the value of its currency relative to others. It includes interventions in foreign exchange markets, decisions on interest rates, and other tools intended to affect exchange rate movements and external financial conditions. The policy operates alongside general monetary policy and can be pursued with various exchange rate regimes.

The main objectives of valutapolitikk are to promote price stability, maintain sustainable external balance, support financial stability, and protect the economy's competitiveness. Many countries pursue inflation targeting with a flexible or intermediate exchange rate, allowing currency fluctuations to absorb shocks while aiming for low and stable inflation. The chosen regime shapes how aggressively authorities respond to exchange-rate moves.

Key instruments include direct foreign exchange interventions (buying or selling the national currency), adjustments to policy interest rates and other monetary operations, and communications such as forward guidance. Some regimes also employ macroprudential measures, capital controls, or currency swap arrangements to influence liquidity and risk in foreign exchange markets. The mix of tools depends on the regime, credibility, and systemic considerations.

Exchange-rate regimes range from floating or free-floating to managed or fixed arrangements such as pegs or baskets. In floating regimes, authorities may intervene intermittently to curb excessive volatility or defend a specific target under exceptional circumstances. In fixed regimes, the central bank commits to maintaining a particular rate, sometimes with a reserve-backed mechanism.

International considerations include the policy trilemma or trinity, which notes limits on simultaneous pursuit of free capital movement, an independent monetary policy, and a fixed exchange rate. Valutapolitikk is therefore embedded in broader macroeconomic policy and global financial conditions.