Norwegian krone
0.108 (-0.41%)
Performance & facts
| Norwegian krone price: | 0.108 | #12 | |
| Price change 1 hour: | -0% | #6 | |
| Price change 24 hours: | -0.41% | #14 | |
| Price change 7 days: | +0.37% | #5 | |
| Price change 30 days: | +0.31% | #3 | |
| 24 hour range: | 0.108 - 0.108 | ||
| 52 week range: | 0.0961 - 0.109 | ||
| ISO 4217 currency code: | NOK | ||
About Norwegian krone
Norwegian Krone is the official currency of Norway. It is subdivided into 100 øre and issued as 50, 100, 200, 500 and 1000 kroner bank notes.
The word "krone" means "crown" in Norwegian. It was introduced in 1875 when it replaced Norwegian speciedaler at 4 to 1 ratio (4 kroner for 1 speciedaler) and allowed Norway to join Scandinavian Monetary Union, which meant interchangeability of all Scandinavian currencies at parity (1 for 1).
As part of the Scandinavian Monetary Union, Norwegian Krone was initially tied to gold standard and coins were minted from physical gold. In 1931 gold standard was abandoned and for brief periods Krone was tied to Pound Sterling, US Dollar and German Reichsmark, before becoming independently floated FIAT currency in 1992.
Norwegian Krone remains independent today, however, it is influenced by Norway's heavy reliance on oil exports and, therefore, has correlation to oil price.
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