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Monday, July 15, 2024

Krone sinks to new low against the dollar

Norway’s currency, the krone, sunk to a new low against the US dollar on Wednesday afternoon. At around 4:30pm, it was costing NOK 8.60 to buy one US dollar.

The weakness of the krone is likely tied to speculation over whether the executive board of Norway’s central bank, Norges Bank, will cut interest rates once again. The board met on Wednesday and was due to announce its decision Thursday morning.

The krone also fell further against the British pound. By late Wednesday afternoon, it cost NOK 13.25 to buy one pound. It cost NOK 9.34 to buy a euro.

Norway’s once-super-strong krone has fallen dramatically in line with oil prices. That’s set off an economic slowdown in the oil and offshore sector but exporters are jubilant. Norwegian seafood producers, for example, have never sold so much salmon and other seafood as they did in October, and the new chief economist of Nordea bank in Norway has supported government claims that there’s “no crisis” in the Norwegian economy. staff




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