The invention relates to a novel catalyst having excellent activity, selectivity and stability for reducing nitric oxide to gas nitrogen, with ethanol or an ethanol-hydrogen mixture being used as a reducing agent, in the low temperature range of 150-300 DEG C and in the presence of an excess of oxygen (e.g., 5 % vol), H 2 O (5 % vol) and SO 2 (50 ppm) in the supply. The inventive catalyst consists of silver crystals which are in contact with the phases of a mixed MgO, CeO 2 and Al 2 O 3 medium. The Ag/MgO-CeO 2 -Al 2 O 3 catalyst can be used to obtain NO conversion levels which are greater than 40 %, nitrogen selectivity values of greater than 95 % and CO 2 selectivity values greater than 97% under NO x oxidation conditions in the 150-400 DEG C temperature range and for a surface contact time of 0.09 s. In particular, 90% NO conversion is obtained as well as N 2 and CO 2 selectivity levels of 99 % at 250 DEG C with a reaction mixture of 500 ppm NO/1000 ppm C 2 H 5 OH /5% O 2 /5% H 2 O / 50ppm SO 2 /He.