Law enforcement officials and some politicians have been wanting to scrap Norway’s thousand-kroner note (currently worth around USD 108), but the central bank has decided to keep it. Norges Bank revealed, however, that there will be fewer of them in circulation.
The NOK 1,000 bill is the largest denomination among Norway’s colourful currency based on a maritime theme. Both Finance Minister Jens Stoltenberg and leaders of the state economic crime unit Økokrim have wanted to phase it out, claiming it’s often used in drug deals and as a means of whitewashing.
The central bank has since concluded that the thousand-kroner note won’t be taken out of circulation, but it won’t order more of them. That means they’ll eventually go out of circulation when they become worn out.
Central bank chief Ida Wolden Bache told news bureau NTB that cash continues to be an important part of preparedness efforts in the event of power failures or a collapse within electronic banking systems. “Cash is also important for those who can’t or don’t want to use digital payment systems,” Bache said.
NewsinEnglish.no staff
