Norwegian Krone_flag

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

Did you know?

Norway's Monetary Policy

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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.

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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.

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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.

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Norwegian krone banknotes and coins feature a variety of designs, including images of historical figures, maritime symbols, and elements of Norwegian folklore and culture.

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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.

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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.

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Important information

Payments in NOK to Norway

Key considerations to bear in mind

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Payment instructions should contain the beneficiary's IBAN, name, and address.

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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.

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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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people-to-people

Currency Reference Guide

Get the full currency reference guide, updated by the iBanFirst currency market experts.

iBanFirst S.A. is duly authorised and regulated by the National Bank of Belgium (under CBE number 0849.872.824) as a payment institution. It is a direct member of the SWIFT network and is certified to make payments throughout the SEPA zone. As a payment institution, iBanFirst S.A. only offers hedging solutions (forward, flexible forward and dynamic forward) connected to underlying payment transactions. iBanFirst S.A. does not offer options or any other financial instruments for investment or speculative purposes.