Copenhagen, Sept. 19 (SANA)The Swedish Nobel Foundation announced on Friday that it will increase the financial prize value of its prestige awards this year by nine percent to reach 12 million Swedish kronor ($1.22 million) for each of the six categories.

“By increasing the prize ⁠amount, we uphold the long-term ​significance of theNobel Prizeand ​ensure that the financial part of the prize retains its value over time,” Hanna ​Stjarne, executive director of the Nobel ​Foundation, said in a statement to Reuters.

The Foundation noted that the awards—established under the will of 19th-century Swedish inventor Alfred Nobel—were valued at 150,782 kronor per prize when first awarded in 1901.

Laureates in Physics, Chemistry,Peace,Literature, Economics, and Medicine will be announced between Oct. 5 and Oct. 12, marking the 125th anniversary of the inaugural prize distribution.

TheNobel Foundationoversees the management of Alfred Nobel’s financial estate to ensure appropriate funding for the annual awards.