Finance & Insurance, News

Strong dollar a boon to state

The strong U.S. dollar is hard on importers but good news for the Norwegian state and Norwegian companies that export to the United States.

The exchange rate of about 9.4 kroner to the dollar has not been higher since 1985, and the dollar has increased 17 percent in 2000 alone. The most measurable impact has been in the state’s oil income, which is now projected to reach USD 17 billion (NOK 160 billion) by the end of the year. According to FinansAvisen, the oil revenue would be USD 1.7 billion (NOK 16 billion) lower if the dollar had stayed at last year’s level.