A former prime minister and finance minister in his native Norway, Stoltenberg beat out the central bank’s deputy governor, Ida Wolden Bache, for the job.
His appointment comes as Western nations fear Russia has plans to invade Ukraine, which aspires to join the NATO alliance.
The 62-year-old trained economist had previously stipulated that he would only be able to take on the new role after his term as NATO secretary general ends in October.
The finance ministry said Friday he would start at the central bank “around December 1”.
The selection process has made headlines in Norway, where commentators and politicians have raised concerns about political nepotism, due to the newly-appointed governor’s longstanding ties to the ruling Labour Party. In December, Stoltenberg said he had submitted his candidacy for the job after having been contacted by the finance ministry.
“The finance ministry contacted me in November to see if I’d apply for the job. I did it, it’s a position that motivates me hugely,” he told AFP via his press office at the time.
“I made it clear to the finance ministry that if I get the job, I wouldn’t be able to start work until the end of my NATO mandate on October 1,”
The current governor of the bank, Oystein Olsen, is to retire this month at the age of 70. Wolden Bache will serve as interim head, the government said.