International Courant
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On Thursday, December 10, 1992, simply earlier than 9 a.m., Norges Financial institution introduced that the trade price of the krona would now not be fastened towards the European foreign money. It was a message that Tor Vollaløkken had each waited for and wager on.
He then headed international trade at DNB (then DnC), which was 100% owned by the Norwegian state. Nonetheless, the financial institution selected to wager towards the federal government’s coverage, which was a hard and fast trade price for the krone.
Vollaløkken remains to be lively within the international trade market after 45 years. He’s maybe the personal particular person who could make the krona trade price rise or fall probably the most. His shoppers are hedge funds and household fortunes, which might take greater than NOK 100 billion in positions within the Norwegian krone market.
On this particular episode of Finansredaksjonen, Tor Vollaløkken talks about how the marketplace for krone works and why personal people shouldn’t do the identical as him.
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The person who broke the Norwegian crown
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