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 […]

One US dollar may soon cost NOK 10

Even though oil prices have been creeping upwards and Norway’s krone has strengthened a bit, at least one currency exchange strategist thinks the recovery is short-lived. By the end of the year, he thinks the US dollar will be so strong that it will cost as much as NOK 10. That would be up from Monday’s […]

Norway waits for Putin’s next move

Russian President Vladimir Putin was being widely credited or blamed for the sudden rise in oil prices towards the end of this week. With prices up 25 percent from recent low levels, Norway’s krone strengthened again and stock markets rose. Putin was widely viewed as sending out signals on Thursday that it would limit its own […]

New oil price dip hits krone again

As the price for a barrel of Norway’s North Sea crude oil sunk once again on Wednesday, so did the value of Norway’s currency, the krone. It took nearly NOK 9 to buy one US dollar Wednesday afternoon, a level not seen since the mid-1980s. Norway’s North Sea Brent crude fell to under USD 35 […]

Krone strengthens on stable rates

Norway’s volatile currency, the krone, immediately strengthened against the US dollar and other currencies Thursday morning, after the country’s central bank opted against lowering interest rates once again. Norges Bank’s key policy rate was kept at the still record-low level of 0.75 percent. Thursday’s krone rebound came after a rollicking night during which it had weakened considerably […]

‘Krone’ dives after oil prices sink again

Norway’s already weakened currency, the krone, took a new dive on Tuesday, falling to its lowest level against neighbouring Sweden’s kronor in 20 years. The US dollar hasn’t been so strong against Norway’s krone since 2002. It suddenly cost NOK 8.74 to buy just one US dollar by early afternoon on Tuesday. That up from NOK […]

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 […]

Ski resort bookings have never been so strong

It’s already snowing at some of the mountain ski resorts in Norway, and they’re keen to launch what looks like a highly promising season. Never before, reports newspaper Dagens Næringsliv (DN), have early bookings been so strong. “We’ve never had such good pre-season sales as we have now,” Mats Årjes of SkiStar, which runs ski resorts including […]

Oil fund tapped, but ‘krone’ was stable

Never before has a Norwegian government tapped so much of its oil revenues for use in a state budget, but the actual amount (NOK 194 billion) is well within the limits set to preserve the fund’s capital for future generations. Nor did the use of so much oil money have any major effect on the value […]

New light amidst economic gloom

Record-low interest rates, a weaker but far more competitive currency and even prospects for increased defense spending are shedding some new light on Norway’s sudden economic gloom. As speculation swirls around the government’s state budget, due to be presented on Wednesday, some key players think the Norwegian economy may already be turning upwards again. A new survey among […]