Today in Norway: A roundup of the latest news on Tuesday
Norway’s oil fund could face diminishing returns, Norwegian banks raise interest rates, plus other news from Norway on Tuesday.
Banks raise interest rates
Following Norges Bank raising the key policy rate by 0.5 percentage points last week, several commercial banks and lenders followed suit.
Two of Norway’s biggest banks, DNB and Sparebank 1, have announced rises. Nordea has also announced a rate hike as well.
The consequence of this is that loan and mortgage repayments will become more expensive for new and existing customers.
Norges Bank announced the key policy rate would be set to 2.25 percent to try and curb rising inflation in Norway. However, Statistics Norway has previously warned that the increased rate would lead to increased unemployment in the medium term.
Key vocab: Boliglånsrenten- mortgage interest rate
Norwegian oil fund could face diminishing returns in the coming years
A report on the long-term future of Norway’s Government Pension Fund, or oil fund, has found that it could face challenging times in the coming years.
“The fund has long reaped the benefits of globalisation and technological development. But Norway cannot base itself on the fact that the international political and economic framework conditions will be the same, and as favourable as they have been,” Ulf Sverdrup, the director of the Norwegian Institute of International Affairs, wrote.
“The uncertainty is great, but the return may be lower than we are used to, while a new and complicated risk picture may make management more difficult,” he added.
READ MORE: What does Norway do with its oil money?
Sharp decrease in e-scooter accidents in Oslo
Electric scooter accidents in Oslo have plummeted over the past year, new figures show.
Between July 2022 and July 2021, the number of accidents in Oslo’s capital fell by around 80 percent, local newspaper Vårt Oslo reports.
During this period, the number of scooters has been reduced sharply, and users can’t rent the devices past a certain time. Nationally, a blood alcohol limit has also been introduced.
“There were a lot of accidents involving blood alcohol levels. Now the situation is completely different,” Ragnhild Kaski, from alcohol awareness group Av-og-til, told Vårt Oslo.
Key vocab: Elsparkesykkel- Electric scooter
Health of young women has decreased over the past 20 years
National data agency Statistics Norway (SSB) reports that half of women aged between 16 and 24 live in more pain and discomfort than 20 years ago.
Up to half of young women said they struggle with permanent and recurring headaches.
“Although most people believe that they are in good health, many women say that they are plagued by symptoms such as stomach pain, headaches, sleep difficulties and other pains in the body,” senior adviser at Statistics Norway Elin Skretting Lunde said.