Contact

News & Insights

Norway’s new secure bank notes have a fishy theme

To celebrate and promote the release of the new, slightly unusual notes, Norges Bank released a light-hearted music video, which received international attention, featuring the Norwegian musical comedy group KLM, dressed as trawlermen, performing a song written about the new banknotes on a ship full of cod – the fish is the star of the 200-krone note. An image of a cod takes the place of Norwegian scientist Kristian Birkeland.

Meanwhile, the 50-krone note bears the Utvær Lighthouse, the country’s westernmost coastal lighthouse, and the 100-krone note shows the Gotskund, the largest preserved Viking ship. The highest value notes – 500-krone and 1,000-krone – will be printed with images of the RS 14 “Stavanger”, a rescue vessel, and a rolling wave respectively.

The financial importance of the sea

A maritime theme was chosen because the sea is thought of as a defining characteristic of Norway. It’s fundamental to the transport infrastructure, it’s a source of food, recreation, and is key to the country’s economy. Cod, for instance, is one of Norway’s biggest exports.

The new 100 and 200 kroner banknotes entered circulation on May 30, while further denominations are planned for release throughout 2018 and 2019.

However, despite the buoyant way in which the notes have been introduced to the public, there is a serious reason behind their launch.

Just like the new 12-sided pound coin introduced in the UK a few months ago, the primary motivation behind the change is for security. The new notes have many advanced security elements to help protect them against counterfeiting. These include an Atlantic puffin watermark and security thread that can be seen when the note is held up to the light, a ring in the bottom-left corner that appears to float, and an anchor chain running down the right side that seems to move when the note is tilted.

Norges Bank is very proud of the new notes’ appearance. When first unveiling the new design, the bank wrote in a statement that “the combination of the retrospective, iconic obverse motif and the reverse’s modern, abstract cubic pattern is completely novel in international bank note design”.

According to The Local Norway, the old 100 and 200 notes will remain legal tender for one year from release and will be accepted for exchange by Norges Bank for ten years.

So, if you’re living as an expat in Norway, or you’re planning to move there in the near future, you can expect to see this fish-themed currency very soon.

Security and sound finances

Regardless of what’s printed on your currency or the shape of it, it’s always crucial to know how to make the best use of it. The cost of living in Norway is very expensive – in fact, the Nordic country is one of the most expensive places to live in Europe. Making the most of your money is therefore crucial if you want to enjoy a stress-free life.

Blacktower’s expat financial advisers in Norway can help you work out what’s best for your savings, providing you with bespoke advice so that your financial goals are looked after, whatever they may be.

Other News

Expats in Spain not happy with Brexit deal

EU FlagRecent Brexit negotiations have not gone down well with many expats living in Europe. And this latest move may mean that receiving financial guidance, such as pension transfer advice for expats, is more crucial than ever to ensure a smooth transition into life as an expat in a post-Brexit world.

Theresa May has reached a phase one Brexit agreement with the EU that covers citizen’s rights (as well as the divorce settlement and the UK’s EU borders), which now means talks between Britain and Brussels can progress on to trade. But instead of giving Britons living in Europe the freedom they were hoping for, the agreement has instead caused anger across several different expat communities, including a very prominent group in Spain, the country with the largest number of British expats: 296,000 in 2016, according to the Institute of National Statistics.

Read More

Why Portugal makes for one of the best retirement destinations

Holidaymakers at the beachPortugal is hands down one of the best places for expats to retire to (certainly in the eyes of our Portugal team). And you just need to look at the statistics to realise how popular it is as a retirement destination.

For example, Live & Invest Overseas have ranked the country’s popular southern region, the Algarve, as the best place in the world to retire for four years in a row.

This is further backed up by HSBC’s Expat Explorer Survey, which is based on research conducted by YouGov, polling over 27,500 expats from 159 different countries. According to the report, 42 percent of expats in Portugal are retired, compared with a global average of just 11 percent. And out of these retirees, the overwhelming majority (96 percent) rated the country as good or very good, showing the reason that once your working years are over, so many choose to retire to Portugal.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information: