Oil Shocks Norway’s Krone as Swedish Currency Rises to Parity
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As the smaller economy of the two Nordic nations, Norwegians have long taken pride in their currency’s pre-eminence over the Swedish counterpart. Not to mention the cheap shopping across the border it has allowed.
That all came to an end today as the currency joined the Russian ruble in oil-induced tumble. The krone, likened to an emerging market currency, declined to parity with the Swedish krona for the first time since 2000.