The krone, plural kroner, is the currency of Norway. It is subdivided into 100 øre, which have existed only electronically since 2012. The name translates into English as crown. The krone was the thirteenth-most-traded currency in the world by value in April 2010, down three positions from 2007.
The krone was introduced in 1875, replacing the Norwegian speciedaler at a rate of 4 kroner = 1 speciedaler. In doing so, Norway joined the Scandinavian Monetary Union, which had been established in 1873. The Union persisted until 1914. After its dissolution, Denmark, Norway, and Sweden all decided to keep the names of their respective and since then separate currencies. The Norwegian krone is used in Norway including Svalbard. It is also informally accepted in many shops in Sweden and Finland that are close to the Norwegian border, and also in some shops in the Danish ferry ports of Hirtshals and Frederikshavn.
What currency does Norway use?
The currency of Norway is the Norwegian Krone (plural Kroner) or Norwegian Crown, written as NOK or Kr. One Norwegian Krone (Crown) is divided into 100 øre. However, since 2012, the smallest coin in circulation in Norway is 1 NOK. Coins currently in circulation are 1 NOK, 5 NOK, 10 NOK and 20 NOK. Banknotes currently in circulation are 50 NOK, 100 NOK, 200 NOK, 500 NOK and 1000 NOK.
Is the Norwegian Krone a Safe Haven?
The Norwegian Krone is generally considered a safe currency, in that its value is not likely to be affected by failures in other markets. Although it is occasionally affected by domestic troubles, the Norwegian economy is relatively stable and the currency is unlikely to see any sharp changes in value.
Does Norway Use the Euro?
Norway is not a member state of the European Union, and therefore is not eligible to use the Euro. However, the Norwegian economy is closely tied to the Eurozone, and the country is a member of the European Economic Area.
Did you know?
The Norwegian krone (NOK), which began circulation in 1875, is the official currency of Norway.
The krone's regulation and circulation are controlled by the country's central bank, the Norges Bank.
The Norwegian krone currency code is "ISK" and its 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.
Few Important Points of the Norwegian Krone (NOK)
Symbols: kr
ISO code: NOK
Central Bank: Norges Bank
Currency Subunit: Øre = 1/100
Denominations: Banknotes: 50 kr, 100 kr, 200 kr, 500 kr, 1000 kr,
Coins: 1 kr, 5 kr, 10 kr, 20 kr
Value of the Norwegian Krone (As on 23/04/2022)
1 Norwegian Krone = INR 8.55 (Indian Rupees)
1 Norwegian Krone = PKR 21 (Pakistani Rupees)
1 Norwegian Krone = BDT 9.64 (Bangladeshi Taka)
1 Norwegian Krone = USD 0.11 (United States Dollar)
1 Norwegian Krone = EURO 0.10 (Euro)
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NORWAY CURRENCY - THE NORWEGIAN KRONE
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Last updated on 23/04/2022
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