Krone’s latest dive ‘unique, strange’

Norway’s currency, the krone, has been caught in another puzzling downward spiral this week that’s left analysts groping for explanations. Despite more positive economic indicators, the Norwegian krone fell to one of the lowest levels ever against the euro on Wednesday and remained weak on Thursday. After trading at an already relatively weak level of […]

SSB boss resigns after bureau battles

The embattled boss of Norway’s state statistics bureau SSB, Christine Meyer, has called it quits after being called on the carpet this week by  Finance Minister Siv Jensen. Meyer reportedly felt she lacked support from the ministry over a proposed reorganization at SSB that’s set off a storm of protests. SSB’s several hundred employees have […]

Static over statistics sets off a storm

Heated conflicts are currently swirling in and around an unlikely target: Norway’s state statistics bureau SSB. Pending transfers of several of its top researchers, who track Norway’s development year after year, have led to alleged harassment and even threats against SSB’s director responsible, all because of a reorganization aimed at adapting to the digital age but […]

Analysts puzzled over krone’s dive

The value of Norway’s currency, the krone, has taken a dive just during the past 24 hours. The US dollar in particular has become much more expensive, in relative terms, and both economists and analysts are having trouble explaining why. “What’s happening?” asked the chief economist at Nordea Markets, Kjetil Olsen, in his report on […]

Tax lists reveal salmon wealth

An island community off the coast of northwestern Norway has emerged as the wealthiest in Norway, far surpassing even the traditional “millionaires’” homes of Bærum and Asker just west of Oslo. The wealth is tied to salmon farming and exports, and revealed through the annual release of tax lists that include the taxable income and […]

Central bank keeps interest rates low

The boss of Norway’s central bank (Norges Bank) seemed to agree on Thursday with the vast majority of Norwegian economists and analysts that it’s best to keep the country’s interest rates low and stable. The bank’s executive board announced after its lastest meeting that its “key policy rate” will remain unchanged at 0.5 percent. “The […]

Loan demand falls with housing sales

Construction cranes remain a common sight in the Norwegian capital, but homebuilders have seen a dramatic sales decline in recent months and home loan demand has also fallen. Norwegian banks are reporting the biggest fall in lending inquiries since 2010, and some may trim interest rates to levels even lower than they are now. As […]

Oil Fund caught in a power struggle

The head of Norway’s central bank, Øystein Olsen, and the man running the central bank’s unit in charge of managing Norway’s huge Oil Fund, Yngve Slyngstad, disagree on the fund’s future. Their disagreement has now been branded as a “power struggle” that can only be settled by the state politicians ultimately responsible for the fund, […]

Critics blast lack of Oil Fund ‘buffers’

Norway’s huge sovereign wealth fund known as the “Oil Fund” is far too vulnerable to swings in the financial markets, argue critics. They claim a lack of buffers to reduce the impact of swings that can cut into market value is a glaring omission on the part of the state government responsible for the fund. […]

Triumphant Siv strides ahead

NEWS ANALYSIS: Warnings of an “autumn storm” breaking out in the Norwegian Parliament this week were premature. After a roughly 18-hour workday that began before dawn on Norway’s annual “Budget Day,” Finance Minister Siv Jensen could relish a surprisingly good reception to the state budget proposal for 2018 that she’d presented and defended until late […]