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Norway Today

Norwegian news in English

Saturday, November 23, 2024

Norwegian Krone Faces Crisis

Published: 2024-08-08

The Norwegian krone has weakened significantly, now costing over 12 kroner for one euro and over 11 kroner for one dollar.

This decline has sparked a heated debate among politicians and economists about potential solutions.

Venstre's Sveinung Rotevatn has called for a "krone commission" to explore options like tying the krone to the euro, similar to Denmark's approach.

Meanwhile, Rødt's Marie Sneve Martinussen warns that raising interest rates could harm household finances, leading to increased costs for essential goods and services.

Economists suggest that if the krone continues to weaken, Norges Bank may have to raise interest rates to control inflation.

As the situation develops, many are concerned about the impact on everyday life for Norwegians, especially as vacationing abroad becomes more expensive.