Now the Norwegian krone worth less than the Swedish for the first time since 2000 – Dagbladet.no

Now the Norwegian krone worth less than the Swedish for the first time since 2000 – Dagbladet.no

Krone plunging against the euro Tuesday. A euro has been 50 cents more expensive. Also the dollar and the pound appreciates sharply against the krona, the exchange Tuesday afternoon.

Chief Economist Bjorn-Roger Wilhelmsen hedge fund Nordkinn Asset Management says to Dagens Næringsliv that there is talk of a “total collapse” in the exchange rate.

– No one dares to buy something. That is why we see such movements as we see today, says Wilhelmsen.

The Norwegian krone is now worth less than the Swedish, for the first time since 2000, writes Svenska Dagbladet.

Chief Economist Øystein Dørum DNB says to Hegnar.no that it simply is the absence of buyers.

– Oil prices plunge, it’s almost Christmas and books shall be closed. There is no one will take risks, says Dørum.

While krona collapses, the situation is even more dramatic in Russia, where the ruble has been virtually free fall.

Economists assume that price declines in both Russia and Norway context of the sharp fall in oil prices lately. Tuesday morning Brent oil traded for $ 59.37 a barrel, while a barrel of light crude cost US $ 54.34. North Sea oil has not cost less than $ 60 since 2009, writes NTB.

In an attempt to protect the ruble announced the Russian central bank on Tuesday an interest rate increase of 6.5 percentage points, from 10.5 to 17 percent.

(Dagbladet / NTB)