During 2015 the Norwegian krone weakened considerably against most other currencies.
It has been far more expensive for Norwegians to travel to the United States, England and EU countries. In addition, the so-called harry trip to Sweden not been more expensive in 23 years.
However, there are some countries where you actually get more for your money now than you did a year ago.
– Norwegian kroner has received a hard blow because of oil downturn, but there are countries that have been hit harder, says chief analyst Erik Bruce at Nordea Markets to DN.
Five countries
Currency Strategist Magne Østnor DNB Markets points out that emerging economies have been hit by lower risk appetite over the past year. This as a result of China’s changes in exchange rates regime in August, the slowdown in China and the Fed’s interest rate hike.
– Especially many African countries are also dependent on imported consumer goods, which makes the exchange rate depreciation difficult. Those same countries, however, low foreign exchange reserves compared with other countries, says Østnor.
They draw particular highlight five land:
- Tyrkia
- Sør-Afrika
- Brasil
- Russland
- Malaysia
Sterkere crown against Turkish lira
– Against Turkish Lira krone has actually gone stronger, says Bruce.
A Turkish lira costs of writing 2.91 Norwegian kroner. In comparison, a Turkish lira 3.29 Norwegian kroner a year ago.
– The Turkish lira is affected by geopolitical unrest in the region and political uncertainty, says Østnor in DNB Markets.
Thus Norwegians who choose to take holidays in Turkey more money now than they did a year ago.
Follow developments in Turkish lira here
Commodity Based emerging economy
South Africa is also a country that has become a cheaper destination for Norwegians during the last year.
The krone has appreciated by over eight percent against rand over the last year.
A year ago you had to out with 66.38 million for hundred South African rand. At the moment you get a hundred South African rand for 53.48 kroner.
– There is a commodity based, emerging economy, affected by the oil downturn, says Bruce.
Follow developments in South African rand here
Hard hit by oil turbulence
If you’re dreaming of lying on the famous Copacabana Beach in Rio de Janeiro in Brazil, it may be an appropriate time for this now. Brazilian real has during a year has weakened by nearly 20 percent against the Norwegian krone.
– Brazil is also a country that has become cheaper currency terms. Brazil is a commodity economy which have been badly affected by the turmoil in commodity markets, says Bruce.
At the moment costs a hundred Brazilian Reais 214.5 million. A year ago you had to out with around 291.7 Norwegian kroner hundred Brazilian real.
– Inflation is soaring, growth weak and the country is also afflicted by a serious corruption scandal, says Østnor.
Follow developments in Brazilian real here
Cheaper Russian holiday
Another country that has become cheaper for Norwegians to travel to Russia. Now costs a hundred rubles 10.57 million, while 100 rubles a year ago was $ 11.91 million.
Ruble has depreciated by more than eight percent against the Norwegian krone over the past year.
The Russian currency has been weakened as a result of the Russian economy suffers from the sharp drop in oil prices, as well as sanctions against the country.
– I do not know if so many Norwegians go on holiday to Russia for that reason, says Bruce.
Follow developments in Russian rubles here
Suffers China
It has also become cheaper for Norwegians traveling to Malaysia.
The crown has during the past year has strengthened by about 4.5 percent against ringgit last year.
– As an oil-exporting countries, affected Malaysia oil price slump. For Malaysia, is also China an important export destination, and the land affected thereby hard by the slowdown in China, says Østnor.
At this writing costs hundred ringgit 202.92 million, while a year ago had to pay 214.47 million for hundred ringgit.
Follow developments in Malaysian Ringgit here
More untraditional destinations
Østnor also highlights four other countries that have received a weaker currency against the krone over the past year. These countries are, however, somewhat less traditional destination for Norwegians.
Are you planning to go to Kazakhstan, you can enjoy with the krone has strengthened by about 35 percent against the tenge in a year.
– After prolonged pressure on the currency, let the central bank of Kazakhstan oljeekporterende tengen float in August this year, says Østnor.
In addition, it has become cheaper for Norwegians to travel to Zambia. The krone has appreciated by nearly 32 percent against the Zambian Kwacha in the past year.
– Falling copper prices and generally lower demand for currencies of emerging economies have weighed heavily on kwachaen says Østnor.
Large deficits
Also, Ukraine has become a cheaper destination for Norwegians. Towards hryvnia krone has strengthened by around 22 percent over the last year.
The last country Østnor highlights is Mozambique.
– Mozambique is also råvareksportør and experience major losses in government budgets. Authorities asked in October IMF for a loan, he said.
Against metalic krone has strengthened by around 19 percent over the last year.
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