The rise of the Norwegian krone as a safe-haven currency during Europe’s debt crisis has hurt an equity exchange traded funds that invests in the country.
Norway said recently it would takes steps to weaken the krone. The currency’s rise threatens exporters while the widest budget surplus of any triple-A-rated nation draws investors seeking refuge from debt crises in the U.S. and Europe, Bloomberg reported.
The Global X FTSE Norway 30 ETF (NYSEArca: NORW) tracks an index of Norwegian stocks.
Norway is about to undergo a fiscal policy makeover as Finance Minister Sigbjoerm Johnsen announced he intends to lower the pressure being placed on the nation’s currency, according to the report. [Global X Launches Norway ETF]