Norges Bank retains 1000-krone banknote as legal tender but halts new orders

Press release

Norges Bank will retain the 1000-krone banknote as legal tender, but banks can no longer order new 1000-krone banknotes from Norges Bank. The 1000-krone banknote will remain legal tender and can be used like it is today.

Today, Norges Bank has replied to the Ministry of Finance's letter concerning a new assessment of Norwegian banknote denominations. The Bank has considered the proposal to withdraw the largest denominations but has concluded that this is not currently appropriate. The assessment is based on a comprehensive review of the role of cash, society's need for payment contingency arrangements and updated knowledge about cash use and infrastructure.

At the same time, Norges Bank has decided that banks can no longer order new 1000-krone notes. This means that the number of 1000-krone notes in circulation will be gradually reduced. The 1000-krone note will remain legal tender and can be put back into circulation if necessary, for example in an emergency. In a severe crisis, the ability to move large amounts of cash quickly is important.

Although cash use is low, Norges Bank is of the opinion that cash still plays an important role in the payment system. Norges Bank emphasises that cash is the only means of payment that functions if electronic payment systems fail, and that cash helps ensure that everyone can make payments regardless of digital literacy.

Norges Bank will regularly assess the denomination structure to keep abreast of changes in the payment system and society's needs.

Read the letter to the Ministry of Finance here (in Norwegian only) .

Questions and answers

What is actually meant by "banks can no longer order 1000-krone banknotes"?

As of today, banks can no longer order new 1000-krone notes from Norges Bank. This means that the number of these banknotes in circulation will gradually be reduced as existing notes are handed in or worn out. The 1000-krone note will remain legal tender and can be used for payments like it is today. If necessary, Norges Bank can allow banks to order new 1000-krone notes again, for example in an emergency.

Can I still pay with 1000-krone notes?

Yes. The 1000-krone note will remain legal tender and can be used for payments like it is today.

Is this the beginning of the end for cash?

No. Cash still plays an important role in the payment system. Cash is particularly important for contingency preparedness and for individuals who do not have digital literacy or access.

Does this mean that I must or should exchange my 1000-krone banknotes?

No. The 1000-krone note is still legal tender and can be used for payments like it is today. You do not have to do anything, and you cannot exchange valid 1000-krone notes at Norges Bank – the Bank only exchanges withdrawn banknotes.

Contact:

Press telephone: +47 22 31 60 60
Email:
presse@norges-bank.no