Norwegian Krone
The Norwegian Krone is the official currency of Norway and its dependent territories. Its currency code is NOK, and its symbol is kr. The Norges Bank, the country's central bank, is responsible for issuing and regulating the Norwegian Krone.
Convertible:Yes
Transferable:Yes
Exchange rate regime:Floating
Available currency pairs
Transaction types
FX
Spot
Delivery date
T+1; T+2
Liquidity
High
FX
Forward
Maximum maturity
24 months
Liquidity
High
Did you know?
The main objective of Norway's monetary policy, as implemented by the Norges Bank, is to maintain monetary stability by keeping inflation low and stable. The bank follows an inflation-targeting regime, aiming for an annual consumer price inflation of close to 2% over time.
The Norges Bank uses the key policy rate (sight deposit rate) as its main policy instrument, influencing short-term market rates and thus, in the long run, inflation. It also uses its foreign exchange reserves to stabilize the krone exchange rate in extraordinary situations that absolutely require it.
Key Features of NOK
The Norwegian Krone is subdivided into 100 øre, which only exists electronically. Coins come in denominations of 1, 5, 10, and 20 kroner, while banknotes are issued in denominations of 50, 100, 200, 500, and 1000 kroner.
Norwegian krone banknotes and coins feature a variety of designs, including images of historical figures, maritime symbols, and elements of Norwegian folklore and culture.
Expert Opinion
Financial experts regard the Norwegian Krone as a commodity currency, as it's often influenced by changes in oil prices due to Norway's significant oil exports. The NOK is also considered a risk-sensitive currency, which means it can fluctuate based on global economic conditions and investor sentiment.
NOK Regulations
The Norges Bank is responsible for the regulation of the Norwegian Krone. It controls the issuance of new notes and coins, sets monetary policy, and oversees the country's financial system to ensure its stability.
Important information
Payments in NOK to Norway
Key considerations to bear in mind
Payment instructions should contain the beneficiary's IBAN, name, and address.
Payment Processing Time
The time taken for a payment to reach the recipient's bank account can vary. Domestic transfers within Norway are typically processed quickly, while international transfers may take a few business days. Consider the processing time when planning your payment to ensure timely delivery. The iBanFirst Payment Tracker can help you track those payments, and ensure a smooth and efficient payment experience.
Fees and Charges
Banks and financial institutions may apply fees and charges when processing international payments. These fees can vary, so it is advisable to check with your bank to understand the charges associated with your transaction. Check out iBanFirst’s Savings Calculator to estimate how much you could save on your next international payment.
Keep in mind
Bank holidays
01
January
New Year's Day
01
May
Labour Day
17
May
Constitution Day
25
December
Christmas Day
26
December
Boxing Day
Maundy Thursday
Variable
Good Friday
Variable
Easter Monday
Variable
Ascension Day
Variable
Whit Monday
Variable
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