Norwegian Krone

NOK is the currency of Norway. It is also the currency of the Norwegian territories of Svalbard and Jan Mayen. The Norwegian krone is subdivided into 100 øre. The name "krone" literally means "crown". NOK is one of the world's most stable currencies. Its value is linked to a basket of other major currencies. This means that the value of the Norwegian krone is not affected by movements in any one currency. The Norwegian krone was introduced in 1875. It replaced the Norwegian speciedaler at a rate of 4 kroner = 1 speciedaler. In the early years, the krone was on a gold standard. This was abandoned in 1914. NOK is a floating currency. This means that its value is determined by the market. The Norwegian Central Bank does not intervene in the foreign exchange market. The Norwegian krone is one of the world's strongest currencies. It has been among the top 10 most traded currencies since 2010. Norway is a major oil and gas producer. This makes the Norwegian krone a "petrocurrency". The value of the Norwegian krone is closely linked to the price of oil. NOK is used by more than 5 million people. It is the official currency of Norway and the Norwegian territories of Svalbard and Jan Mayen.