The Norwegian krone has started to flex its muscles against the Euro, and climbed to a nine-year high this week. Good news for Norwegian holiday makers travelling abroad.
Record-high Norwegian KroneThe exchange rate for the Norwegian krone continued to rise throughout Thursday. The Euro was down to 7,44 against the Krone, according to Nordea Markets. "The Norwegian krone is an attractive investment in an otherwise unstable world," says Senior Analyst Kathrine Boye in Nordea Markets to NRK. She hasn’t seen the krone this high since 2003. Nordea analyst, Ole Håkon Eek-Nielsen lists three main reasons for why the value of the Krone has increased so significantly: More insecurity in the market after the European Central Bank has printed more Euros and increased the cash reserves for the European banks; more confidence among Norwegians that interest rates won’t be cut; and increased oil prices. While the strong Krone is great news for Norwegians planning their next vacation abroad, it’s not a great development for Norwegian export companies that are already struggling to sell their merchandise to European countries in the midst of a financial crisis. However, Eek-Nielsen doesn’t think that the Krone will continue to rise. "Because of the current unrest in Iran the price of oil has gone up, but I don’t think it will last," he tells NRK. (NRK) Julie Ryland
Friday, 24 February 2012 07:46
Posted in Section:
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Category:
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Written by Rolleiv Solholm
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