Cash is going out of date, and use

It’s become increasingly difficult to pay with cash in Norway, with the Corona crisis helping tax authorities to discourage its use. Now more of it is also being phased out by the central bank, which otherwise insists that cash remains legal tender and should be accepted by all merchants. Norges Bank has reminded Norwegians that […]

‘Krone’ sinks along with oil business

Norway’s currency has weakened once again this week, in line with the North Sea oil price that still fuels the country’s economy. What’s more economically worrisome is the gloomy outlook for the entire offshore industry, as oil and gas producers cut back on staffing and face legal challenges for failing to take climate issues seriously […]

Economic upturn will ‘soon be over’

Norway’s currency remains historically weak, the housing market has cooled off,  concerns are rising about the future of the oil industry and investments are due to slow down. Norway’s state statistics bureau SSB (Statistics Norway) now thinks those trends will continue through next year, meaning that the country’s long-running economic upturn is about to end. […]

Last of the ‘new money’ released

Norway’s central bank put its new 1,000-kroner bills into circulation on Thursday, the last of the country’s new series of paper money that hails Norwegians’ long maritime heritage. The new bills depict waves as both “counterforce” and a “driving force” that can hone and carry Norwegians forward. Instead of portraying people, Norges Bank opted several […]

Old currency notes to be withdrawn

Norway’s central bank (Norges Bank) was sending out reminders this week that its old 50- and 500-kroner notes are about to be withdrawn from circulation. Merchants will be under no obligation to accept them as legal tender after October 18. The bank urged the public to either spend them or deposit them into bank accounts. […]

Historically weak krone recovers a bit

It’s been 17 years since it cost more than NOK 9 to buy one US dollar, but that’s how weak the krone was through the weekend. It regained some strength on Monday, but not much, and now interest rates may not be raised after all. As the krone traded at around NOK 8.97 late Monday […]

Seafood exports set new record

Norway’s weaker currency is good for exports, and likely helped seafood producers set a new record in July for the value of their shipments abroad. News service NTB reports that Norway exported 164,000 tons of seafood last month, worth NOK 7.8 billion (USD 876 million). Even though the size of the shipment was lower than […]

Oil price dives as do shares, krone

Shares traded on the Oslo Stock Exchange fell another 2.5 percent on Thursday, while the price of Norway’s North Sea crude oil remains in what many analysts were calling a “free-fall.” That, along with fears of higher interest rates in the US, has also sent Norway’ currency, the krone, to its weakest level against the […]

More new currency notes set to sail

Norway’s central bank is due to formally launch its new 500- and 50-kroner notes into circulation on Thursday. The new bills, issued in order to introduce more security features to prevent counterfeiting, carry on Norges Bank’s maritime theme that shines through them all. The NOK 50-note literally shines with its image of the Utvær Lighthouse […]

Old currency invalid from Thursday

Norwegian media and the country’s central bank were reminding Norwegians on Wednesday that it was the last day they could use the NOK 100- and 200 notes from the country’s old series of currency that’s being phased out.  The notes on the verge of becoming invalid are those showing the opera singer Kirsten Flagstad on […]