A record fall in oil prices on the world market has caused many changes in economies of various countries. Producers and consumers have been forced to adapt to new conditions. The situation radically changed many things, for example, following the decline in oil prices, the world currencies’ falling has begun. The Norwegian krone was no exception. The state of the oil world market and the expectation that Norges Bank would cut the key interest rate pushed the national currency to a 13-year low. The krone is continuing its sharp decline. "The krone has reached its lowest level against the US dollar over the past 13 years. Lower oil prices and the expectation of a new rate cut by Norges Bank led to the local currency weakening," the report of the central bank of Norway said. It is noted that the US dollar is currently trading at the highest level since May 2002. One US dollar is worth 8.31 Norwegian kroner. Naturally, this is not the only main currency against which the krone is losing ground. According to statistics, one British pound is worth 12.25 kroner, and one euro costs 8.81 kroner. For example, considering the movement of the Norwegian currency against the Swedish krona, the decline came in at more than 6 percent for last month. 96 Norwegian kroner are equal to 100 Swedish krona. Against this background, the Russian ruble can boast its stability. The Russian currency strengthened against the Norwegian krone amid its general weakening. So, in early March 100 Norwegian kroner were worth 80 rubles. Now the rate is at the level of 74 rubles for 100 Norwegian kroner.
