Tuesday, 26/09/2017 17:32 (GMT+7)
The Nobel Foundation has announced this year's winners will receive a larger monetary award worth over a million dollars.
"The Board of Directors of the Nobel Foundation decided at its meeting on September 14th that the 2017 Nobel Prize will amount to SEK9 million (USD1.51 million) per prize category," the private institution based in Stockholm said in a statement.
In 2012, the cash award was reduced by 20 percent to SEK8 million from the SEK10 million which had been awarded since 2001 in order not to put the foundation's capital at risk long term, it said at the time.
The Nobel Prize is a set of annual international awards bestowed in several categories by Swedish and Norwegian institutions in recognition of academic, cultural or scientific advances.
Between 1901 and 2016, the Nobel Prizes and the Prize in Economic Sciences were awarded 579 times to 911 people and organizations. The Nobel Prize is an international award administered by the Nobel Foundation in Stockholm, Sweden, and based on the fortune of Alfred Nobel, Swedish inventor and entrepreneur.
In 1968, Sveriges Riksbank established The Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel, founder of the Nobel Prize. Each Prize consists of a medal, a personal diploma, and a cash award./.
Compiled by BTA