The Nobel Foundation has decided to 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.
FILE - The Nobel medal in physiology or medicine presented to Charles M. Rice is displayed, Tuesday, Dec. 8, 2020, during a ceremony in New York. The Nobel Foundation said Friday, Sept. 15, 2023, that it had decided to raise the amount for this years Nobel Prize awards by 1 million kronor to 11 million kronor .
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. Over the past 15 years, the amount has been adjusted several times, it said. In 2012, it was reduced from 10 million kronor to 8 million kronor as a broad-based program to strengthen the Nobel Foundation’s finances was initiated. In 2017, the prize amount was increased from 8 million kronor to 9 million kronor. In 2020, it was raised to 10 million kronor.
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