Norges Bank has told the Ministry of Finance that it will keep Norway’s current cash denomination structure but stop supplying NOK 1000 banknotes to banks. The NOK 1000 note will remain legal tender and can still be used for payments, but its circulation will decline over time as notes are returned and wear out. Norges Bank said this approach balances the note’s limited role in normal cash use against its potential value in serious contingency situations, while also reducing the stock of a high denomination that can facilitate some forms of economic crime. The assessment found that cash use has fallen sharply, with cash accounting for 3 percent of payments in the latest survey, down from 12 percent in 2017 and around 15 percent in 2013. Most cash payments are below NOK 500, and the median cash payment was NOK 300. The number of NOK 1000 notes in circulation fell from 17 million in 2015 to 7.2 million in 2025, while the NOK 500 note is now the dominant denomination and is widely available in ATMs. At the same time, Norges Bank said cash remains an important part of payment preparedness because it is the only means of payment that works if electronic payment systems and their backup arrangements fail completely. It therefore decided not to withdraw the NOK 1000 note as legal tender, noting that doing so would require a substantial increase in NOK 500 holdings to maintain contingency reserves. Banks will no longer be able to order NOK 1000 notes from Norges Bank, although the central bank may distribute them again if needed, for example in a preparedness situation.

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