The Krone at its weakest in many decades

Norwegian kroner State BudgetNorwegian kroner. Photo: Pixabay

The Norwegian krone has depreciated to the lowest level in at least 30 years, according to Norges Bank.

On Monday afternoon, the I44 index, Norges Bank’s preferred krone target, was listed at 112.24 points. It is the weakest level ever on the index, dating back to the late 1980s, writes E24.

The index measures the krone’s strength against the currencies of 44 of Norway’s most important trading partners and is an important clue when the central bank sets interest rates.

The krone depreciation occurs in the wake of a solid strengthening before Christmas. The reason is several negative news, such as the Wuhan virus from China and the fall in oil prices at the beginning of the New Year.

– “On top of this we have received weak figures from the Norwegian economy,” says currency strategist Magne Østnor in DNB Markets to E24.

© NTB Scanpix / #Norway Today


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