Thursday

29th Feb 2024

Swedish Crown rebounds against euro

After the Swedish ‘no’ to the euro on 14 September , the rate of the Crown continues to rise, ahead of predictions by the Swedish government.

On Wednesday one euro would buy 8.91 kronor and one dollar 7.78 kronor. The government's prognosis said 9.10 kronor for a euro and 8.43 kronor for a dollar before the end of the year.

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This means that that the Swedish foreign debt has been reduced by 11bn kronor (1.2bn euro) and that the interest burden will be reduced, enabling the Swedish state to reduce the amount of euro loans.

Another positive effect will be that Sweden will save money on its contribution to the EU, as this is calculated in euro.

Also, imported goods, such as oil, cars and electronic apparatus will be cheaper.

However, there are also downsides. The export industry will, to a certain degree, be handicapped in international competition, creating a risk of growing unemployment and consequently more expenses for the state, accroding to Dagens Nyheter.

Norway's high krone

Even the Norwegian krone continues to rise against the euro and the dollar, creating a difficult situtation for the the country's Central Bank leader, Svein Gjedrem, reports Norwegian paper Aftenposten.

The interest rate has been halved in the hope of resulting in a weaker krone and a reduction in imports.

Leading economist in Nordea, Steinar Juel, offers this explanation to Aftenposten: "The signal's from this weekend's G-7 meeting was that the world's most powerful country wants a weaker dollar, particularly against Asian currencies.

The market's answer has been to abandon the dollar. This has made both Norwegian kroner and Swedish kronor more popular and strenghtened them."

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