CONVERT EUROS TO NORWEGIAN KRONER
THE NORWEGIAN KRONE – ONE OF THE MOST STABLE CURRENCIES IN THE WORLD
According to Countryaah, the Norwegian Krone (NOK) is the official currency in Norway. The Norwegian krone is one of the top five currencies most requested by XE. This is not only due to the country’s tourist attraction. Norway is also a “safe country” from a foreign exchange perspective. Thanks to the wealth of the state oil fund, Norway is one of the very few countries in the world that are practically debt-free and generate annual surpluses.
THE CROWN REPLACED THE SKILLING
The Norwegian krone was introduced in 1875, it replaced the previous currency “Specie-Taler” and “Skilling”. With the introduction of the krona, Norway joined the Scandinavian Monetary Union, which also included Sweden and Denmark. This monetary union existed until 1914, the currencies it contained were then retained as independent means of payment. As with many other currencies, the value of the Norwegian krone was based on the gold standard for a long time. It was not abolished until 1931 and the krona was linked to the rate of other international currencies from then on. After the Norwegian krone in the course of its history successively both the exchange rate of the British pound and the Reichsmark as well as the US dollar was pegged, the Norwegian currency has had a floating exchange rate since 1992.
THE NORWEGIAN FAIRY TALE BEGAN IN 1969
Norway’s greatest treasure is its abundance of energy. 98 percent of the energy requirement is covered by domestic hydropower plants, and wind power generation is now being expanded. Norway owes its wealth to oil. In 1969 the Norwegians discovered a huge oil field. It comprised four billion barrels of Brent crude. The discovery occurred on December 23, the day before Christmas. This day marks the beginning of the Norwegian fairy tale.
LOOKING AHEAD, NORWAY IS SAVING IN THE OIL FUND FOR LEAN TIMES
But it is also clear to the Norwegians that such an oil field will eventually run out. In 1990, a special investment concept was developed in order to prepare for the future in view of the dwindling oil reserves: the oil fund. This is where the enormous income from oil exports was and is being invested. The state-run oil fund “Statens pensjonsfond” is supposed to create a reserve for the time when the oil reserves are running low.
ØRE ARE NO LONGER IN CIRCULATION
Norwegian coins are available at 1, 5, 10 and 20 crowns. They show symbols and signs of national importance: a Viking ship, the Order of Saint Olav or elements of Norwegian stave churches. One Norwegian krone is equal to 100 Øre, but this denomination is no longer used due to long-term inflation. There have been no Øre in circulation since 2012.
ARTISTS AND SCIENTISTS AS MOTIFS FOR THE BANKNOTES
The current notes show scientists and artists who come from Norway. For example, a portrait of the Norwegian writer Peter Asbjørnsen can be seen on the 50-krone note. Asbjørnsen is best known in Norway for his fairy tale collections, which he put together based on Grimm’s model. Fairy tales with, for us, bizarre titles such as “A summer night in the crippled forest” and “The barn key in the rock” were stylized on the front and back of the 50-crown note.
SHINE SOON WITH A NEW DESIGN
In 2017 the look of the crown notes will change. Then the new notes come into circulation. The Norwegian Central Bank invited eight designers and agencies to submit designs for new notes in a design competition. In 2014 the winner was presented. Among the eight, the Norges Bank competition commission declared Swiss-born Enzo Finger the winner. But not his designs will adorn the banknotes in 2017. The jury decided on a combination of two independently developed design lines. It is now the agencies The Metric System and Snøhetta who are working on fine-tuning their designs – one on the front, the other on the back.
EXCHANGE NORWEGIAN KRONE ONLINE
You can conveniently buy the Norwegian krone (NOK) and other currencies in the XE webshop. Simply select the type you want, see the current exchange rate above or via the XE currency converter and order your travel money online. The currencies you buy from us will then be delivered to your home within a few days. In addition, you can still exchange Norwegian kroner in the branches of XE.
THE CURRENCY AT A GLANCE
1 Norwegian krone = 100 Øre. Currency abbreviations: NKr, NOK (ISO code). There are banknotes in the values of 1000, 500, 200, 100 and 50 NKr, coins in the denominations of 20, 10, 5 and 1 NKr.
FOREIGN EXCHANGE REGULATIONS
The import of the national currency and foreign currencies is unlimited and must be declared from an amount equivalent to NKr 25,000. The export of the national currency is also unlimited, whereas foreign currencies can only be exported up to the amount carried or declared upon entry.