Monetary base

Monetary base (M0) is defined as banks' and the money-holding sector's notes and coins and deposits with Norges Bank. Banks’ deposits with Norges Bank comprise current account (sight) deposits and fixed-rate (time) deposits (F-deposits), from Norges Bank’s monthly balance sheet. The money-holding sector includes local government, non-financial corporations, households and other financial corporations (i.e. excluding banks and state lending institutions).