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Tuesday, June 18, 2024

Norway’s currency gets a bit stronger

After months of unusual weakness, Norway’s krone has strengthened against most all major currencies, especially the US dollar. It dipped again on Tuesday, but exchange rates were a bit more favourable for Norwegians on the verge of the summer travel season.

Holiday trips to the US and all countries using the euro have still become much more expensive, with one US dollar recently costing nearly NOK 11. On Monday, though, a dollar cost NOK 10.47, weakening again slightly to NOK 10.59 on Tuesday.

The krone is now 1 percent stonger than the Norwegian central bank’s estimate for the second quarter of this year, reports newspaper Aftenposten. Kjersti Haugland, chief economist at Norway’s biggest bank, DNB, noted that the central bank’s decision not to lower interest rates was bearing fruit, along with bringing down inflation. No interest rate cuts are expected until the end of the year.

NewsinEnglish.no staff

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