Exchange Rate in Norway

Norway Exchange Rate vs EUR | Economic News & Forecasts

Norway - Exchange Rate

Norwegian krone tumbles on falling oil prices

The Norwegian krone (NOK) has been depreciating markedly against all major currencies since October, in parallel with the sharp downward trend in oil prices. On 15 December, the NOK reached the lowest level against the euro since January 2009, trading at NOK 9.31 per EUR. This was 10.0% weaker than the level observed on the same day of the previous month. On an annual basis, the Norwegian krone lost 9.6% of its value against the euro. On the same day, the krone lost 10.8% month-on-month against the U.S. dollar to 7.48 NOK per USD, which marked the lowest trading value since 2002. On an annual basis the NOK has weakened 21.1% against the greenback. The krone also nosedived against the Swedish krona, reaching the parity for the first time in 22 years.

The krone has tumbled in the last few months in the wake of the recent fall in oil prices, which drove the Brent crude to slide below USD 60 per barrel for the first since July 2009. In an attempt to prevent a severe economic downturn in the oil-rich nation, on 11 December the Norges Bank decided to cut its main interest rate to a record low 1.25%, thereby exacerbating the freefall of the krone.

FocusEconomics Consensus Forecast panelists expect the krone to trade at 8.23 per EUR by the end of 2015. For 2016, the panel projects that the krone will strengthen further to 8.11 per USD.

Norway - Exchange Rate vs EUR Data

2013  2014  2015  2016  2017  
Exchange Rate (vs EUR)8.34  9.04  9.60  9.09  9.85  

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Norway Exchange Rate vs EUR Chart

Norway Exchange Rate
Note: Norwegian Krone (NOK) per euro
Source: Thomson Reuters

Norway Facts

Bond Yield1.13-0.65 %Sep 04
Exchange Rate9.03-0.38 %Sep 04
Stock Market859-0.08 %Sep 04

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