Nobel Committee reduces prize amounts

June 11, 2012 at 7:21 PM

STOCKHOLM, Sweden, June 11 (UPI) -- The Nobel Committee announced it has lowered this year's Nobel prize award winnings by $283,030 due to a turbulent economic climate.

The new prize winnings will be $1.1 million, Swedish News Agency TT reported Monday.

"The reason behind this decision is that the financial markets are really unstable and there are reasons to suspect that this turbulence will continue for a while still," said Lars Heikensten, head of the Nobel Committee.

"Long term, we aim to raise the figure, even though we think that the Nobel Prize's value should lie in the prize itself and not the prize money," he said.

The prize money comes from interest earned on capital donated by Alfred Nobel, an amount Heikensten said is not growing enough to accommodate the prize amount.

"We have quite simply not had a sufficient rate of return with the money for it to have covered our costs," he said.

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