High oil prices weaken the Norwegian krone

Holidays in the land of the fjords are currently cheaper than in a long time. Paradoxically, this is due to the legendary wealth of the Norwegians. Germany’s FAZ reports that tourism in Norway is now cheap because the Norwegian krone has fallen 10% against the euro in a year. High oil prices are lowering the Norwegian krone. The explanation they give is that Norwegian oil revenues are so high that when the oil fund buys shares abroad, it puts selling pressure on the NOK.

Norway is beautiful, the landscape is breathtaking and the country is rich, with lucrative oil and gas exports. For tourists from comparatively poor Germany, this has the unpleasant consequence of making a vacation in Norway expensive. Prices for beer, gasoline and restaurants have always been above the German level. But now they have fallen by over 10% in just one year. And that’s during the same period when inflation in Germany drove up prices by around 10%.

Please note that this special Norwegian savings effect only applies to visitors from abroad, as it depends on the exchange rate of the Norwegian krone. The Norwegian krone has lost over 10% of its value against the euro since last year. That in itself is remarkable. But it gets even more interesting.

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