NOK Abbreviation

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Popular abbreviations of NOK:

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What does NOK mean?

NOK stands for the Norwegian Krone. It is the primary currency in the European country of Norway. The central bank of Norway, Norges Bank regulates the currency. The currency has both coins and notes for transactions. Coins are in denominations of 1, 5, 10, and 20 whereas notes come in numbers of 50, 100, 200, 500, and 1000. The currency code for Krone is Kr.

The Norwegian word ‘Krone’ refers to the English word ‘crown’. Just like the Indian rupee is divided into paisa, the Krone is also divided further into 100 ore, which arrived in electronic use in 2012. The banknotes have imprints of some prominent Norwegian people along with some crucial information about their contributions.

History of the NOK

The Norwegian Krone first came into circulation in 1875. It replaced the previous currency, Speciedaler. The currency came into effect as Norway joined the Scandinavian Monetary Union along with Denmark and Sweden. 

Initially, the krone was used as the gold standard for the union and the price of one kilogram of gold was fixed at 2490 Kroner. But in the 1990s, speculations came up against the Krone and the central bank shifted to floating exchange rates.

Current status of the Krone

NOK, not only is used throughout Norway but also in neighboring countries like Sweden and Finland. Some prominent Danish ports also accept it as a mode of payment.

The value of the Krone varies from year to year and is governed by the prices of oil and interest rates. Oil prices govern the rates of Krone to a great deal as Norway is the leading oil exporter in Western Europe. Currently, Krone is the 14th most traded currency on accounts of value. The current value of 1 Krone is nearly 8.4 Indian rupees.

The economic value of Krone is considered quite stable since Norway is one of Europe’s most stable countries. It enjoys high standards of living and has a high-income economy. This makes the Norwegian Krone a very avid investment for people, certainly due to the economic stability of Norway.