The invention relates to a current limiting arrangement for limiting a current in an electrical power system, which current limiting arrangement, comprises an induction winding (3), surrounding a magnetic flux circuit (2) comprising a ferromagnetic or semi-ferromagnetic material, which material exhibits a residual magnetic field after a first current limiting effort. In accordance with the invention, the magnetic flux circuit is divided into two flux-circuit parts (13, 14), each comprising a portion (15, 16) of said ferromagnetic or semi-ferromagnetic material. The induction winding (3) is divided into two series-connected winding parts (11, 12), each surrounding one of the flux-circuit parts (13, 14). A circuit-changing member (17) is arranged to reverse the direction of the residual magnetic field in one of said portions relative to the magnetic field generated by the current in the winding part associated with said portion, said reversal taking place between two consecutive current limiting efforts in the current limiting arrangement. The invention also relates to an electrical power system comprising such a current limiting arrangement, as well as employment of such an arrangement.