Norges Bank: ‘No interest rate cut’

The executive board of Norway’s central bank, Norges Bank, has decided against another cut in its key lending rate, at least for now. Despite a recent rash of negative economic indicators, the board announced Thursday that there was no need for further stimulus right now. That means the central bank’s already record-low “key policy rate” will remain […]

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. […]

Still ‘no crisis’ as more jobs vanish

A new analysis of Norway’s job market warns that as many as 200,000 full-time jobs may disappear over the next five years because of the current downturn in the oil industry. As Norway’s central bank pondered cutting interest rates yet again this week, to boost economic activity, at least one economist maintained that the country still isn’t facing […]

Krone weakens as oil price tumbles

UPDATED: Norway’s currency, the krone, continued to weaken on Wednesday after the price of a barrel of Norway’s North Sea crude oil dipped below USD 47 on Tuesday. By midday Wednesday, it cost just over NOK 13 to buy one British pound, while a US dollar cost NOK 8.50, up from NOK 8.08 just a few days […]

Border shopping will demand new currency

Norwegians who regularly travel over the border to go shopping in Sweden, where prices are lower, need to use up any supplies they may have of Swedish cash. Sweden is in the process of introducing a whole new series of currency and coins, and some existing bills will be phased out fairly soon. Newspaper Aftenposten reported […]

Tourism booms as economy weakens

Amidst all the recent concern over falling oil prices and rising unemployment, Norway’s important tourism industry is reporting a banner year. Hotels and, not least, the coastal shipping line known as Hurtigruten have logged their best spring and summer seasons ever, thanks largely to Norway’s weaker currency and much more favourable exchange rates for foreign visitors. State statistics bureau SSB […]

Stocks recover but krone stays weak

Norwegian share prices and foreign exchange rates continued to swing in the midst of more market turbulence on Thursday. Share prices rose, but the krone remained weaker than it’s been for more than a decade. It cost more than NOK 8.30 to buy one US dollar for most of the day in Norway, the weakest showing for the krone […]

Krone falls and rises with wild market

Norway’s currency continued its wild ride this week, both falling and recovering along with markets that grabbed attention worldwide. The krone gained against the US dollar on Tuesday but weakened against the euro and the British pound, while some analysts speculated that oil prices will fall further and stay low for months on end. While the […]

Krone falls again along with oil prices

Norway’s krone has weakened once again in line with another fall in oil prices. The new signals of economic unrest also set off a new round of political quarreling, but not all offshore companies are complaining. As the price of Norway’s North Sea crude oil dipped below the USD 50 mark, the value of the country’s […]

Norway’s ‘krone’ caught in a storm

UPDATED: Never before has Norway’s currency, the krone, had a more unstable summer, according to analysts in Oslo. It’s as unstable as the weather has been, rising and falling often in different directions against the euro and the US dollar, and it hasn’t been as weak as it is now for years. “The probability of […]