1000-krone banknote retained as legal tender

Norges Bank has decided to retain the 1000-krone banknote as legal tender, ensuring its continued use for payments.

However, a new operational directive prevents banks from ordering fresh 1000-krone notes from the central bank, initiating a gradual reduction in their circulation.

This measure aims to manage the volume of high-denomination notes while preserving their availability for critical situations.

The central bank emphasizes that these banknotes can be reintroduced into circulation if necessary, for instance, during emergencies where the rapid movement of large amounts of cash becomes crucial.

This decision was made in response to a request from the Ministry of Finance for a reassessment of Norwegian banknote denominations.

Norges Bank's decision to retain the 1000-krone banknote follows a comprehensive review.

The central bank deemed its withdrawal currently inappropriate, citing the critical role of cash in payment contingency and updated knowledge on cash use and infrastructure.

Cash remains essential, serving as the only payment method operational during electronic system failures.

It also ensures financial inclusion for individuals regardless of digital literacy.

Norges Bank will continue to regularly assess the denomination structure to align with changes in the payment system and societal requirements.