The Norwegian Krone is the currency of Norway and has been so since 1875.
The currency is also known as the “Norwegian Crown” or simply the “Crown”. One krone is divided into 100 øre and there are coins of 50 øre, one, five and ten kroner, as well as banknotes of 50, 100, 200, 500 and 1000 kroner.
The Norwegian Krone was introduced in 1875, replacing the Norwegian speciedaler at a rate of four kroner to one speciedaler.
Throughout its history, it has been pegged to multiple currencies and currency baskets including Sterling and the European Currency Unit.
The currency is managed by Norges Bank, the central bank of Norway who are responsible for issuing notes and coins as well as setting monetary policy. They have been in operation since 1816.
The Norwegian Krone is a freely convertible currency and is one of the world’s most traded currencies. It was recently ranked as the eleventh most traded currency in the world with a daily trading volume of around $121 billion USD.
The Norwegian Krone is currently a strong currency with low inflation and interest rates. It is regarded as a safe haven currency because of Norway’s political and economic stability.
The Norwegian Krone is also used in Svalbard, Bouvet Island and Jan Mayen.