Norwegian Krone (NOK)


A Brief History of the Norwegian Krone

The Norwegian Krone was introduced as the official currency of Norway and its dependent territories in 1875, replacing the Norweigan speciedaler. The introduction of Norwegian Krone meant that Norway formed part of the Scandinavian Monetary Union, which later dissolved in 1914. The Krone was then placed on the gold standard until it was suspended permanently in 1931.

The Krone was pegged to the Reichsmark during German occupation in World War II and this remained until the end of the war in 1945 when it was then re-pegged to the British Pound at a rate of 20 Kroner to 1 Pound. In 1949 the peg changed again, this time to the US dollar at 4.96 Kroner to 1 U.S. Dollar. The Krone then devalued in the 1950s versus the Dollar, reaching 7.14 Krone to one U.S. Dollar. 

In 1992, the Norges Bank abandoned its fixed exchange rate regime in favour of a floating exchange rate in the wake of speculative pressure against it.  

More recently, the Krone’s value has been helped by higher Norwegian interest rates, which increased to 7 percent. In 2007 and 2008, the Norwegian Krone continued gaining against most major currencies due to widespread uncertainty over the 2008 financial crisis.

The Norwegian Krone in the Foreign Exchange Market

The Norwegian Krone is ranked the 13th most traded currency in the world, accounting for 1.3 percent of daily foreign exchange market trading volume. 

The Norwegian Krone trades most actively against the U.S. Dollar as the counter currency in the USD/NOK and EUR/NOK currency pairs. In the FX market, these pairs are typically known as Dollar Norway and Euro Norway.

The Norwegian Krone is sometimes informally called the Nokkie in the forex market, but it is typically referred to as the Norwegian Krone by FX traders.

Due to Norway’s stable economy and good credit standing, the Norwegian Krone is commonly considered a stable currency. Norway is also a net exporter of oil due to its access to the North Sea oil fields, which affects the Krone positively when oil prices rise. 

A few central and commercial banks keep Norwegian Krone as a reserve currency, especially those located in Scandinavia, although it does not rank significantly in the list of major reserve currencies held worldwide.

Fact Table:

Currency Name: The Norwegian Krone
Currency Symbol: kr
Central Bank: Norges Bank
Countries Used In: Norway
Major Unit: One Norwegian Krone
Minor Unit: One øre = 1/100 of one Norwegian Krone
Note Denominations: kr50, kr100, kr200, kr500 and kr1,000
Coin Denominations: kr1, kr5, kr10, and kr20

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