The Norwegian Krone is the currency of Norway. Our currency rankings show that the most popular Norwegian Krone exchange rate is the NOK to USD rate. The currency code for Kroner is NOK, and the currency symbol is kr. Below, you'll find Norwegian Krone rates and a currency converter.
- 1/100 = øre
- Norwegian Krone
Within the Scandinavian Monetary Union, the krone was on a gold standard of 2,480 kroner = 1 kilogram of pure gold (1 krone = 403.226 milligrams gold). The gold standard was suspended from 1914 to 1916 and from 1920 to 1928, and in 1931 it was permanently suspended.
- Norges Bank
- History of The Norwegian Krone
- The Norwegian Krone vs. Other Currencies and Oil Prices
- Usage of The Norwegian Krone
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Before 1875, the active Norwegian currency was the Norwegian speciedaler. The currency was dropped in favor of the krone when Norway joined the Scandinavian Monetary Union in 1875. Other members of the union included Denmark and Sweden. When the monetary union was dissolved in 1914 at the onset of World War I, the member countries retained the name...
The Norwegian krone is the 14th most-traded currency in the world based on value, and it is highly correlated to other currencies. The value of the krone against other currencies such as the US dollar and euro varies considerably from year to year, and it is mainly affected by changes in interest ratesand oil prices in the global market. For exampl...
The krone is used throughout Norway as the primary currency when making payments for goods and services. It is also accepted when making payments in neighboring countries that share a border with Norway, such as Sweden and Finland. The Norwegian currency is also used in Hirtshals and Frederikshavn, which are popular ferry ports in Denmark. Border s...
CFI is the official provider of the global Commercial Banking & Credit Analyst (CBCA)™certification program, designed to help anyone become a world-class financial analyst. To keep advancing your career, the additional resources below will be useful: 1. Eurozone 2. Forex Trading – How to Trade the Forex Market 3. Nordic Model 4. Top Banks in Norway
- What Is The Norwegian Krone (NOK)?
- Understanding The Norwegian Krone
- History of The Krone
- Economic Impact on The Nok's Value
- Example of Norwegian Krone
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 March 2022, $1 USD is equal to roughly 8.75 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 s...
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 kro...
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 l...
To understand the value of the Norwegian krone in Norway, it is helpful to examine the currency's buying power with respect to familiar consumer goods. According to The Economist's popular"Big Mac" Index, the cost of a Big Mac in Norway averaged out to 57 NOK in 2022, a figure equal to about $6.44 U.S. dollars. This is the second most expensive Big...
Norwegian Krone (NOK) The Norwegian krone is the exclusive currency of Norway and its independent territories. The Norwegian krone is among the 20 most-traded currencies in the world. It is most commonly traded for euros. The krone is considered a fiat currency. Currency name Norwegian Krone Currency symbol kr NOK exchange rates
9.79 41416 Norwegian Kroner. 1 NOK = 0.102102 USD. We use the mid-market rate for our Converter. This is for informational purposes only. You won’t receive this rate when sending money. Check send rates. View transfer quote. US Dollar to Norwegian Krone conversion — Last updated Aug 6, 2022, 18:52 UTC.