AMWatch

Norway’s krone suffers worst drop in half a century

Norway’s central bank said it is ready to intervene after the bottom seemed to fall out of the krone market.

Photo: Janus Engel

“In recent days, there has been an extraordinary situation in the market for Norwegian kroner and movements in the exchange rate have been historically large,” the central bank said on Thursday. “Against this background Norges Bank is continuously considering whether there is a need to intervene in the market by purchasing Norwegian kroner.”

With a slump in the price of oil pummeling western Europe’s biggest crude exporter, and liquidity getting sucked out of small markets, Norway’s currency appeared to have no buyers.

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