Norwegian Currency

norway currency

(bit of a boring subject… ah well, it’s part of the experience I guess)

Norwegian currency consists of the Krone(r) and the Øre. The Krone(r) is the main currency in Norway and the Øre is the same as “pennies” in the UK. (Here comes the boring history lesson of the Norwegian currency) Norway decided not to join the European Union, and preferred to keep the Krone as a free-floating currency administered by the Central Bank of Norway.

I found that the Øre has hardly any real use, as most products and services are generally round up to the nearest Krone, similar to the use of the 1p and 2p in UK Sterling. The Krone was introduced in 1875, replacing the Norwegian Speciedaler and by 1998 the coin denominations in circulation were the 50 Øre, 1, 5, 10 and 20 Kroner… fascinating… zzzzzz

norwegian kroner

By 1994 the Norges Bank note denominations in circulation were the 50, 100, 200, 500 and 1000. 1 Krone = 100 Øre and the trading name for the currency is the NOK. I hardly ever carried around notes higher than the 200 Kroner as, like in the UK, shops were reluctant to change a 500 Kroner and generally asked if you had something smaller.

There are many travel agents and Foreign Currency Exchange companies such as Travelex which can supply the Norwegian Kroner and I have found that they generally have some in stock.

Exchange Rates

When I lived in Norway, around 2001, the currency exchange rate was about 13 NOK – 1 GBP, but since then it has dropped to about 8 NOK – 1 GBP (will keep changing).

Access the BBC for the latest live conversion rate between the UK Sterling and Norwegian Kroner. Or check out other currency conversion websites such as www.xe.com/ucc/.

Information Sources

  • wikipedia.org
  • bbc.co.uk

A lot of people believe that as Norway is an “expensive” country that their money will not last long, which is true if you are a tourist. However if you live in Norway and work there, then your wages are higher so covers the higher costs of products, so it is comparable to the UK in that way.

5 thoughts on “Norwegian Currency

  1. Paul johansson

    I know a little about economic theory,isn’t the situation in Norway called runaway inflation?in the past this situation would have been checked and balanced within the economic community by devaluing the Norwegian Krona which should be welcomed by even Norwegians seeking to export.
    What do you suppose went wrong here?

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