The Norwegian Central Bank has announced that it is contemplating to retire the 50 øre (cent) coin ("femtiøringen"). This move would be the fifth time the bank retires small tender.
The Bank has previously voided the one-øre, two øre, five øre and twenty-five øre coins.
The move to make the 50 øre coin invalid comes after a review that claims that the coin no longer circulates as tender in the economy. Nearly always, when businesses give it back as change, the customer rarely uses it again to purchase a product.
Should the bank retire the coin, prices would have to be rounded up to the closest kroner amount. However, the Bank does not expect an increase in prices; it is the total sales amount that would be rounded up, not each individual product. Electronic payments by card would not be affected by the change.
It would mean that the only Norwegian coins left would be 1 krone, 5 kroner, 10 kroner and 20 kroner.
Sweden has already decided to retire its 50 øre coin, which will start to be phased out after 30 September. For now, Denmark has decided to keep it in circulation, but recently retired the 25 cents coin.
Contributed by Thor Steinhovden
The Executive Board of the Norwegian Central Bank (Norges Bank) has decided to keep the key policy rate unchanged at 1.5 percent. (Photo Norges Bank Deputy Governor Jan Qvigstad)
..
The Government Pension Fund Global (GPFG), also known as the National Oil Fund, posted a 5.4 percent return, or the equivalent of NOK 219 billion, in the first quarter.
..
The Executive Board of the Norwegian Central Bank (Norges Bank) has decided to keep the key policy rate unchanged, at 1.5 per cent. The record low key policy rate has remained unchanged since March 14th last year.
..
The return on the Norwegian Government Pension Fund Global, also known as the National Oil Fund, was in 2012 13.4 percent, the fund's second best performance ever.(Photo: Fund manager Yngve Slyngstad)
..
As expected by most analysts, the Norwegian Central Bank (Norges Bank)'s Executive Board has decided to keep the key policy rate unchanged at 1.5 percent.
..
In his annual address to Norges Bank's Supervisory Council, the Governor of Norway's Central Bank, Øystein Olsen advised the Government to reduce the spending of Norway's annual revenue from the National Oil Fund from 4 per cent to 3 per cent.
..
At its meeting on Wednesday, the Executive Board of the Norwegian Central Bank (Norges Bank) decided to keep the key policy rate unchanged at 2 per cent.
..
