Cash survives, in new updated style

Serious, official efforts to turn Norway into a cashless society have been put on ice, just in time for the country’s central bank to roll out its much-hyped new currency in updated syle. Norges Bank has been making it clear that Norwegian currency will remain legal tender, despite tax authorities’ and some politicians’ efforts to do […]

Some Swedish money soon to be rendered worthless

Swedish banks were expecting an extra influx of customers this week, including many Norwegians, who may be anxious to exchange Swedish currency that’s about to be taken out of circulation. State broadcaster NRK reported that Sweden’s old SEK 20-, 50- and 1,000 kronor bills will be invalid from Thursday, September 1. They haven’t been accepted in retail […]

Stronger krone and higher food prices send shoppers fleeing over the border

Norway’s currency, the krone, has suddenly regained strength in recent weeks and that, combined with a sharp rise in food prices at Norwegian grocery stores this summer, has set off a new wave of shopping across the border in Sweden. After diving along with oil prices two years ago, the Norwegian krone that had been super-strong through […]

Mint cuts jobs as coin use tumbles

Norway’s national mint, Det Norske Myntverket, has sent out warnings that it must cut costs and, most likely, jobs. Fewer Norwegians are using cash, especially the coins that the mint has produced for centuries. Employees were called in to a meeting on Monday, at which they were told that the rising popularity of electronic payment systems […]

Norwegian Air’s stock pounded

The Oslo Stock Exchange was having another bad day on Monday, with all its five most-traded shares falling once again. None dove as steeply as Norwegian Air, which was down nearly 14 percent by late afternoon, after falling more than 9 percent on Friday. British voters’ decision to leave the European Union (EU) set off the stock market dive […]

‘Game of krones’ surprises players

Norway’s krone was keeping currency players busy on Tuesday, zooming back up to a value higher than it was before OPEC ministers failed to reduce oil production at their weekend meeting in Doha. By mid-afternoon, it cost just NOK 8.11 to buy one US dollar, its strongest level in months. The krone also strengthened against the euro, which […]

Krone strengthens on oil price rise

Norway’s volatile currency, the krone, has been much stronger this week than it was earlier this year, and analysts point to the recent rise in oil prices. No one seems to think oil prices are high enough, though, to reverse cutbacks in the country’s important and beleaguered oil and offshore sectors. A barrel of oil out of Norway’s […]

Norway waits for Putin’s next move

Russian President Vladimir Putin was being widely credited or blamed for the sudden rise in oil prices towards the end of this week. With prices up 25 percent from recent low levels, Norway’s krone strengthened again and stock markets rose. Putin was widely viewed as sending out signals on Thursday that it would limit its own […]

‘Krone’ dives after oil prices sink again

Norway’s already weakened currency, the krone, took a new dive on Tuesday, falling to its lowest level against neighbouring Sweden’s kronor in 20 years. The US dollar hasn’t been so strong against Norway’s krone since 2002. It suddenly cost NOK 8.74 to buy just one US dollar by early afternoon on Tuesday. That up from NOK […]

Norges Bank: ‘No interest rate cut’

The executive board of Norway’s central bank, Norges Bank, has decided against another cut in its key lending rate, at least for now. Despite a recent rash of negative economic indicators, the board announced Thursday that there was no need for further stimulus right now. That means the central bank’s already record-low “key policy rate” will remain […]