Norwegian krone is the main currency of Norway

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

When the question is asked about what currency is in Norway today, the location of this country is immediately remembered. If Norway is in Europe, then the currency must be the euro. But it's not. Norway has abandoned the single currency of the Old World and continues to support its national currency called the Norwegian krone.

What money to take to Norway?

The banking system in this Scandinavian country is very well developed. Even in the smallest town you will receive a currency card with amazing simplicity. There are also no tangible problems with currency exchange. You can do this at any ATM, but the commission charged is quite impressive 5% of the total amount of the exchange, or at least $ 5. If you listen to people who have already been to Norway, they say that for the first time it is better to take a certain amount of Norwegian kroner with you, and exchange the rest of the amount there.

On the work of banks in Norway

Some banks inNorway work only in the morning, but you will encounter this inconvenience if you decide to go to some area that is not very touristy. In tourist areas, Norwegian currency can be purchased and exchanged between 8 am and 11 pm on weekdays. If you intend to buy Norwegian kroner on a weekend, it is better to do it before 5 pm, because after this time all banks are closed. In order to find the most profitable rate for yourself, and even with a minimum commission, which is not lower than 2% of the exchange amount, you need to try very hard. The most favorable conditions for currency exchange are at ATMs located at airports or seaports of the country.

What is the currency in Norway?

1 Norwegian krone is not the smallest currency in the country, because there is also an era. 100 øre is one Norwegian krone. Today, there are several denominations of coins and banknotes in circulation in Norway. Among them are coins in denominations of 10 and 50 øre, as well as 1, 5, 10 and 20 NOK. As for banknotes, the banknote of 1000 crowns has the highest value. In addition to it, there are also banknotes of 50, 100 and 500 Norwegian kroner. Plastic cards are very popular among both residents and tourists. They are very easy to use, if only because almost every point in the country can serve you with a card.

History of the Norwegian krone

If you talkabout the first monetary currency that appeared in Norway, we should refer back to the seventh century, when the first coins were used in everyday life. But the national currency of Norway appeared much later, only ten centuries later. In 1626, a mint was established in Oslo, and the country's first money began to be minted. However, sixty years later, it was decided to move the mint to Kongsberg due to the fact that there was a gold mine. The Mint stood in Kongsberg until it dried up in 1957. The nineteenth century was marked by the transition to the gold exchange standard, when each issued currency of Norway was equal to the stock of gold that was in the country's treasury. The Norwegian krone itself, with all its inherent properties, was put into circulation in 1875. As for the Mint of Norway, in 2000 it was given the status of a limited liability company, and four years later the name "Royal Norwegian Mint" was renamed the "Norwegian Mint".

Currency in Norway. Rate against other currencies

If you look at the exchange rate against the Norwegian krone, you can see that the currency of the country from the Scandinavian Peninsula is quite stable and does not have sharp jumps. If you track the dynamics of the Norwegian krone against the US dollar, you can see that in the period from 2005 to the present day, the Norwegian currency has been in the range from 14 to 20 cents. The smallest value is in 2009. TodayNOK 10 can be purchased for $1.54. The dynamics of the Norwegian krone against the euro is even more stable. Over the past 9 years, the smallest value for which 10 kroner could be purchased was 1 euro, and the largest was 1.4. The Norwegian krone against the euro today is 0.121, that is, for 1.21 euros you can buy 10 NOK. If in relation to the euro and the dollar the exchange rate of the Norwegian krone either rises or falls, the Norwegian currency has a stable upward trend relative to the Russian ruble. So, for example, in 2005 it was possible to buy 1 Norwegian krone for 4.5 rubles, and after 9 years you have to pay 6.2 rubles for 1 kroon. Thus, the exchange rate of the Norwegian krone against the ruble increased by almost 38%.

Who is depicted on Norwegian banknotes?

Norwegian banknotes depict the great people of this nation. So, from a banknote, the face value of which is 50 crowns, Peter Christen Asbjornsen, one of the greatest storytellers not only in Norway, but in the entire Old World, is looking at us. The banknote of 100 crowns is surmounted by the image of the greatest opera singer named Kirsten Flagstad. Norway is a northern country, and it could not help but thank the people who explored the expanses of the north. That is why the 200-kroon note features researcher Christian Olaf Bernhard Birkeland. The creator of the famous painting "The Scream", Edvard Munch, looks at us from a banknote of 1000 Norwegian kroner. Nobel laureate writer Sigret Unset - symbol of the 500 banknoteNOK.