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  • NEWS Desk Global

NOBEL FOUNDATION RAISES THE AMOUNT FOR THIS YEAR'S NOBEL PRIZES


The Nobel Foundation said Friday that it will raise the award amount for this year’s Nobel Prizes by 1 million kronor ($90,000) to 11 million kronor ($986,270) as the Swedish currency has plummeted recently. "The Foundation has chosen to increase the prize amount because it is financially viable to do so,” it said in a brief statement. The rapid depreciation of the Swedish currency has pushed it to its lowest level ever against the euro and the U.S. dollar. Sweden has been struggling with high inflation — it was 7.5% in August, down from 9.3% in July, far from the 2% target set by the Riksbank, Sweden's central bank.

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