No change in rates despite weak krone

Norway’s central bank (Norges Bank) decided to keep its key policy rate unchanged at 0.5 percent on Thursday, even though the Norwegian krone has weakened considerably in recent weeks. The weak krone is baffling some local analysts, who can’t understand why it’s lost value as the economy strengthens. “In general I would say that the […]

Oil industry slump due to turn around

UPDATED: Oil prices rose sharply on Wednesday, and the value of Norway’s currency, the krone, immediately jumped as well after the oil cartel OPEC reportedly agreed to cut oil production. Norway’s state statistics bureau SSB now thinks the oil industry downturn is about to turn around and that economic growth will pick up. With oil supply […]

Economy ‘bottoms out,’ krone to rise

Norway’s biggest bank thinks the Norwegian economy has bottomed out for now, predicting some new growth ahead, less reliance on oil prices and a strengthening currency. Oil prices have been rising, too, and that’s always economically good for an oil-producing nation like Norway. DNB Markets, which issued its half-year report on economic prospects for Norway […]

Stronger krone and higher food prices send shoppers fleeing over the border

Norway’s currency, the krone, has suddenly regained strength in recent weeks and that, combined with a sharp rise in food prices at Norwegian grocery stores this summer, has set off a new wave of shopping across the border in Sweden. After diving along with oil prices two years ago, the Norwegian krone that had been super-strong through […]

Mint cuts jobs as coin use tumbles

Norway’s national mint, Det Norske Myntverket, has sent out warnings that it must cut costs and, most likely, jobs. Fewer Norwegians are using cash, especially the coins that the mint has produced for centuries. Employees were called in to a meeting on Monday, at which they were told that the rising popularity of electronic payment systems […]

Krone and stocks dive on ‘Brexit’

UPDATED: Norway’s key financial markets and the value of its currency all took a sharp dive on Friday after British voters decided to leave the European Union (EU). Shares in some of Norway’s biggest companies lost nearly 10 percent of their value when trading opened on the Oslo Stock Exchange, and Finance Minister Siv Jensen said she […]

‘Brexit’ could hurt Norway’s currency

Financial analysts in Oslo warn that a British vote in favour of leaving the European Union (EU) may weaken not just Britain’s currency but Norway’s krone as well. The krone has already weakened during the past week against major currencies, while market uncertainty reigns. “We think the krone will weaken, for several reasons,” currency exchange strategist Magne […]

‘Game of krones’ surprises players

Norway’s krone was keeping currency players busy on Tuesday, zooming back up to a value higher than it was before OPEC ministers failed to reduce oil production at their weekend meeting in Doha. By mid-afternoon, it cost just NOK 8.11 to buy one US dollar, its strongest level in months. The krone also strengthened against the euro, which […]

Oil prices sank after OPEC disagreement

UPDATED: The value of Norway’s currency, the krone, fell along with the price of oil after members of the OPEC oil cartel failed to strike an agreement over the weekend that would have raised oil prices.  At least one Norwegian oil analyst, however, thinks the renewed weakness is only short-term, and that the price of oil and […]

Krone strengthens on oil price rise

Norway’s volatile currency, the krone, has been much stronger this week than it was earlier this year, and analysts point to the recent rise in oil prices. No one seems to think oil prices are high enough, though, to reverse cutbacks in the country’s important and beleaguered oil and offshore sectors. A barrel of oil out of Norway’s […]