Kursstigning

Kursstigning is a Norwegian term that denotes the appreciation of a currency—the increase in its value relative to other currencies in foreign exchange markets. It can refer to a rise in the value of the domestic currency against a single currency (bilateral appreciation) or against a basket of currencies, typically measured by the nominal effective exchange rate (NEER) or the real effective exchange rate (REER).

Causes of kursstigning include differences in interest rates and inflation between countries, capital flows driven by investor expectations, and monetary or fiscal policy actions. Market dynamics, such as shifts in demand for the domestic currency or changes in commodity prices, can also contribute. In a managed float regime, authorities may intervene to limit or accelerate appreciation, while in a free-floating regime the currency tends to move more in line with market forces.

The effects of kursstigning are mixed and economy-dependent. It makes imports cheaper and can help control inflation, but it can reduce the competitiveness of tradable sectors by raising the price of exports in foreign markets. Over time, a stronger currency can influence the current account, tourism, and the valuation of external debt denominated in foreign currencies. The real effects depend on whether the appreciation is nominal and whether it translates into a real (price-adjusted) change in the exchange rate.

Measurement and policy responses vary. Economists distinguish between nominal and real appreciation and between bilateral and effective measures. Central banks monitor kursstigning as part of broader macroeconomic management and may use monetary policy or exchange-rate interventions to address undesired impacts on growth and inflation.