Currency Note Worldwide

Oil backed currencies – two different approaches

By Ricky Bean January 15th, 2015

  • Wednesday saw the Norwegian Finance Minister Siv Jensen state that Norway is embracing the recent plummet in the value of its currency as she believes it will act as a buffer and help protect western Europe’s largest oil exporter from sinking oil prices. She went on to say that “A weaker krone is one of the cushions that we have”. Only once the full impact of a weaker currency has been felt will other financial measures be implemented.
  • Russia is looking to increase efforts to slow the country’s worst crisis in over 17 years. The central bank is planning to unseal its $88 billion reserve fund to purchase roubles. This comes after many other failed recent attempts to stem the rouble’s plunge, and the government is considering any options left available that could produce a positive outcome.

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