Yahoo Web Search

  1. About 504,000 search results
  1. People also ask

    What does Norwegian krone mean?

    What is the abbreviation for Norwegian krone?

    What is the money in Norway?

    What is the Norwegian currency?

  2. The krone [ˈkrûːnə] (sign: kr; code: NOK), plural kroner, is the currency of Norway and its dependent territories. It is subdivided into 100 øre, which have existed only electronically since 2012. The name translates into English as crown.

    • 50, 100, 200, 500, 1000 kr
    • kr
    • What Is The Norwegian Krone (NOK)?
    • Understanding The Norwegian Krone
    • History of The Krone
    • Economic Impact on The Nok's Value

    The Norwegian krone (NOK) is the official currency of Norway. Its regulation and circulation are controlled by the country's central bank, the Norges Bank. The bank has issued a total of eight series of banknotes, including the latest in October 2018, which saw new 50-krone and 500-krone bills. As of August 2021, $1 USD is equal to roughly 8.92 NOK.

    The Norwegian krone, or kroner (the plural term), subdivides into 100 øre. The english translation for the word krone is "the crown." Coins come in denominations of 1, 5, 10, and 20 krone and banknotes appear in denominations of 50, 100, 200, 500, and 1,000 kroner. The currency symbol is “kr.” Banknotes feature prominent Norwegians, such as noted scientists and artists, on the front of the currency, along with information indicating the specific person’s contribution to Norwegian culture. The back of each bill depicts some aspect of Norwegian art. For example, the 50-krone note has a green tint, a portrait of Peter Christen Asbjørnsen on the front, and an artist’s rendering of Asbjørnsen’s story, "A Summer Night in Krogskogen."

    The first circulation of the krone came in 1875 when it became the replacement of the speciedaler. At the time, the conversion rate was four kroner for one speciedaler. Following the switch, Norway joined the Scandinavian Monetary Union, an alliance that existed until the outbreak of World War I. During the existence of the Union, the Norwegian krone acted as the gold standard, with one kilogram of gold equivalent to 2,480 kroner. Use of the NOK as a gold standard ended in 1931. In 1939 the country's currency was pegged to the U.S. dollar (USD), but during the German occupation of Norway in the Second World War, it was pegged to the Reichsmark. At the war's end, the currency was pegged to the British pound (GBP). In 1992, the central bank moved away from a fixed exchange rate, allowing the currency to float based on the foreign currency exchange rate.

    As with all currencies, economic trends trigger fluctuation in the value of the Norwegian krone. Currency investors may seek out the NOK when the euro’s(EUR) value is in doubt. Increased activity in trading the NOK may increase the rate of exchange. Changes in the global price of crude oil also affect the NOK's value as Norway is Western Europe’s leading oil exporter. Norway's shipping, hydroelectric power, fishing, and manufacturing all contribute to the country's gross domestic product (GDP). However, it is interesting to note that many industries are state-owned. Historically, the krone is a prudent investment as Norway stakes claim to one of Europe’s most stable economies. Norway is one of the wealthiest countries on the globe and enjoys one of the highest standards of living. According to the latest World Bank data, Norway has a high-income economy with slow population growth at 0.6% annually. GDP growth for 2020 came in at (-0.8%), while the inflation deflator was at (-3.7%) a...

  3. Nov 17, 2021 · Norwegian Krone (NOK) NOK is the currency code for Norwegian Krone, which is the official currency of Bouvet Island, Norway and Svalbard & Jan Mayen. The symbol for Norwegian Krone is kr.

  4. Norwegian Krone: Symbol: kr: Minor unit: 1/100 = øre: Minor unit symbol: øre: Inflation: 1.90%: Top NOK conversion: NOK to USD: Top NOK chart: NOK to USD chart

    • 1/100 = øre
    • Norwegian Krone
    • øre
    • kr
    • Norway Does Not Use The Euro
    • History of Norway's Currency
    • Current Denominations
    • The New Bank Notes
    • Vipps
    • Online Banking and Payments
    • The Future of Norway Currency

    The number of country specific currencies dwindled in Europe when the euro was introduced as a physical denomination on 1 January 2002. It’s currently the official currency of 19 of the 27 EU member states. If a country becomes a eurozone member, it’s expected to use the euro. Because Norway isn't a full EU member and only associated through its membership of the European Economic Area (EEA), the country has kept the Norwegian krone. Just like many other currencies around the world, it has been through an evolutionary journey over the years.

    The Norwegian krone was launched in 1875, when Norway joined the Scandinavian Monetary Union. It replaced the speciedaler/spesidaler (or speci-dollar), a currency that was used in the country between 1816 and 1875. Read more: How to Transfer Money Internationally When the SMU was dissolved in 1914, each of the three Scandinavian countries decided to keep their respective “crown”. Norway kept the Norwegian krone, Sweden the Swedish krona and Denmark the Danish krone. Coins originally came in physical denominations of 10 and 50 øre and 1 krone and 10-krone coins, but when the coins were introduced in full between 1875 and 1878, 1, 2, 5, 10, 25 and 50 øre and 1, 2 and 10-krone coins were introduced. In 1963, 5-krone coins were launched. In 1972, production of 1 and 2-øre coins stopped. Then, in 1982, the minting of the 5 and 25-øre coins also stopped, while the last 10-øre coins were produced a decade later. Between 1994 and 1998, the new coins were introduced. They included a 50-øre c...

    Norway is one of several countries that uses a currency that literally translates as “crown”. The Norwegian krone, or to use its abbreviated sign/code NOK, is used freely in the country and its dependent territories. Read more: Send Money Between the US and Norway 1 NOK contains 100 øre, in the same way the euro has cents or the pound pennies. However, the øre is different. Since 2012, it has existed only electronically. It is now only used in the quotation of prices and in shops and online. For example, if you pay 9,50 in a grocery store with a 10 krone coin, you get no change. But if you pay with a credit or debit card, you will be charged exactly 9,50. Coins in circulation: 1, 5, 10, 20. Notes in circulation: 50, 100, 200, 500, 1,000.

    My favourite thing about Norwegian money is the new banknotes. They were launched in 2019, and maybe I’m biased but, Norway surely has the coolest notes in the world. Perhaps because Norges Bank knows that physical money will be obsolete in the near future, it’s given them some freedom in terms of the design of the new notes. Each celebrates the Norway’s long history and affinity with the sea: 1. The 50-kroner note depicts Ulvær Lighthouse and signifies “the sea that binds us together”. 2. The 100-kroner has an image ofthe famous Gokstad ship, representing “the sea that takes us out into the world”. 3. The 200-kroner has a cod fish design – “the sea that feeds us”. 4. The 500-kroner pictures a rescue vessel (RS 14 Stavanger), signalling that “the sea that gives us prosperity” (oil and gas wealth). 5. And finally, the 1,000-kroner note is purple, with a powerful wave out at sea – “the sea that carries us forward”. On the reverse of each note is the same image captured in bit art (a p...

    Vipps is just one of a number of must-have apps in Norway. It’s the country’s leading mobile payment solution app that makes it super easy to pay for goods and services. The app takes the stress away from things like splitting bills at restaurants and bars, with the facility to split it evenly between a group. Vipps also allows you to send money to friends, all you need for this is their name and mobile phone number – or if you have them saved in the app, it takes only a couple of clicks.

    Most banks in Norway come with a mobile banking app, making it easier than ever to track income and expenditure. The apps allow you to pay bills with a face identification, electronic signature or a one-time code. It’s also possible to access your account anywhere and at any time. In fact, the only reluctance to the migration to digital banking comes from some of the country’s older generation. My friend declared to me last week, “well, it finally happened – I persuaded my Dad to get online banking”. The ease of access and use of Vipps and the various banking apps, highlight the benefits of switching from physical money to digital only.

    The future of Norway’s currency almost certainly looks like it will be digital. Even today, I can say, I can’t remember the last time is handled cash. In fact, Norway's governing Conservative Party (Høyre) has pledged to remove paper money altogether by 2030. The first stage in the process was to remove the requirement for business to accept cash payments. The second will be to introduce mandatory online billing across the board. The project is supported by the Norwegian Police Federation, who believe it will help in the fight against tax evasion and other criminal activities. However, there is an election around the corner in 2021.

  1. People also search for