Norway's foreign debt reduced
The reduction in external debt was mainly due to a reduction in bank debt, according to Statistics Norway (SSB). Banks' external debt had been reduced from NOK 1 213 billion to NOK 1 130 billion the previous quarter, mainly due to reduced bank deposits. (NRK/Press release)
Saturday, 17 September 2011 06:16
Posted in Section:
Business -
Category:
General Business
Written by Rolleiv Solholm
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Norway's foreign debt amounted to NOK 3 474 billion at the end of the 2nd quarter of 2011. This is a reduction of NOK 68 billion from the previous quarter.
In Pakistan, Norway's Telenor and Tameer Bank have introduced the opportunity to earn interest on savings by using the mobile phone.
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In his annual speech, outlining economic perspectives, the Governor of the Norwegian Central Bank, Øystein Olsen called for a more resilient banking sector in Norway.
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Prime Minister Jens Stoltenberg warns that the country's oil reserves is not a guarantee that an economic crisis will not reach Norway.
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Investors from all over Europe hedge against a possible Euro-collapse by placing money in Norwegian banks.
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Only 30 traditional postal offices will remain across the nation when the Norwegian Postal Service (Posten) turns 149 offices into a postal service offered at grocery stores.
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Cash points and online banking services were Monday morning back in service, after thousands of customers across the nation were unable to obtain cash or pay their bills online on Sunday.
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The Executive Board of Norway's Central Bank (Norges Bank) has decided to reduce the key policy rate by 0.50 percentage point to 1.75 per cent, the lowest since May 2010.
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Twice as many seniors now make use of online banking, compared with three years ago. In 2008, only 25 per cent over the age of 66 used e-bank. Now 47 per cent in the age group say they use online banking.
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Norway's largest bank, DnB NOR achieved a profit of NOK 3 038 million in the third quarter of 2010, a significant improvement from the same period last year, when profits totalled NOK 1 760 million.
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Wiith the prospect of growth above trend in the mainland economy in 2011 and a stabilization of unemployment, the Norwegian Government proposes a budget for 2011 with a structural, non-oil deficit of NOK 128 billion - on par with the 2010 deficit in real terms. (Photo: Finance Minister Sigbjørn Johnsen)
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