August 18, 2005
Exchange Rate Lessens Value of Nobels
STOCKHOLM, Sweden (AP) -- This year's Nobel Prizes will be worth the equivalent of $1.3 million each - a drop of $200,000 from last year because of currency fluctuations, the Nobel Foundation said Thursday.
Although the prize amount is the same in Swedish currency - 10 million kronor - it works out to less in dollars and euros because both currencies have risen against the krona. The 2004 prizes were the equivalent of $1.5 million.
In keeping with tradition, the date for the literature prize will be announced later.
All the prizes are awarded in Stockholm except for the peace prize, which is given in Oslo, Norway.