Norges Bank has published its response to the Ministry of Finance's request for a new assessment of Norwegian banknote denominations, deciding to keep the NOK 1000 banknote as legal tender while stopping banks from ordering new NOK 1000 notes from the central bank. After considering proposals to phase out the highest denomination, it concluded that this is not appropriate now, so the note remains valid for payments as before even though its circulation will gradually decline. Banks can no longer order NOK 1000 notes, which means the number in circulation will fall over time as existing notes are returned or wear out. The denomination can be put back into circulation if needed, including in a contingency situation. Norges Bank linked the decision to its broader assessment of cash's role in the payment system, society's need for payment preparedness, and updated evidence on cash use and infrastructure. It also reiterated that cash remains important because it is the only payment instrument that works if electronic payment systems fail and because it allows people to pay regardless of digital skills. Norges Bank will review the denomination mix regularly as the payment system and society's needs change.
Norges Bank 2026-04-29
Norges Bank keeps NOK 1000 banknote as legal tender and halts banks' orders for new NOK 1000 notes
Norges Bank has responded to the Ministry of Finance’s request on banknote denominations by retaining the NOK 1000 banknote as legal tender while stopping banks from ordering new NOK 1000 notes, leading to a gradual decline in circulation. The central bank cited cash’s role in payment preparedness, resilience in electronic payment failures, and inclusion of people with limited digital skills, and noted that the NOK 1000 note could be reintroduced if needed and that the denomination mix will be reviewed regularly.