In 2016, the Norwegian krone contributed to 1.7% of total foreign exchange market volume, and as such was the world's fourteenth most traded currency. The krone is subdivided into 100 øre and was introduced in the late nineteenth century.
Norway’s economy, and consequently the value of the krone, is heavily reliant on oil and gas prices since nearly half of the country’s total exports are these commodities. The krone is therefore aptly termed a ‘petro-currency’. As of 2016, Norway was the world’s tenth largest oil exporter.
Since 1995, the krone’s lowest valuation against the US dollar came in October 2000 when USD/NOK reached 9.65. The currency was strongest in April 2008 when USD/NOK fell to just 4.94 following a boom in the oil price. Against the euro, since the single currency's introduction in 1999, EUR/NOK has traded between 7.21 and 10.16.
NOK News, Forecasts and Trends
Sentiment on the krone improved drastically in June after Norway’s central bank raised interest rates and signalled further hikes this year, thereby bucking the trend for lower-rates globally.
Prior to this, against the US dollar, the krone had tested the massive 8.8 per USD level, a break of which would have had the krone at its weakest level in 3 years. The greenback was back buying 8.5 krone at the time of this report.
Late last year, against the euro, the krone struck a 10-year low of 10.057 per EUR; it has since recovered to levels near 9.65.
Danske Bank said following June’s meeting of the Norges Bank that it favoured more krone strength in the third quarter.
The below interactive chart shows the USD to NOK exchange rate, trend and recent alerts for the last 90 days.
Recent USD to NOK 90-day trend
ALERTS:4-DAY▼2.3% | 60-DAY LOWS |
USD/NOK at 9.7779 was trading 3.4% belowAVG:10.12 with LO:9.2375 and HI:11.8 (90 days). ALERTS: USD/NOK was DOWN 2.3% this 4-DAY period and also dropped to 60-DAY LOWS.
Travel, Currency and Money saving tips for Bouvet Island
Bouvet Island, a dependent Norwegian territory, is the most remote island in the world rising sharply from the freezing waters of the Pacific. It was discovered in 1739 by a French naval officer and later claimed by the British to be finally waived in favor of Norway. It's barely 50 square kilometers in area with 93 % of it covered by glaciers. The center of the island is occupied by an ice-filled crater of an inactive volcano and according to some data there is a lake of molten lava filling the caldera. The landscape is definitely not welcoming unless you are not put off by heaps of snow and ice formations but it surely is a dramatic one.
There is no standard telephone connection, no postal code or distribution.
As there are no ports or harbors, only offshore anchorages, the island is not easy to reach. The best way to access is by ship or helicopter but mind you, only if you are not denied permission. The island and adjacent territorial waters are a designated nature reserve so you might find it quite difficult to get there if your only purpose of visiting is mere tourism.
Travel money for Bouvet Island
Save money and time by Ordering your Norwegian Krone online from Travelex, you get better rates and can pick
up the NOK cash locally or even on travel day at the airport.
Another popular option is to
use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate,
but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to
Pay in Norwegian Krone otherwise you may get much worst exchange rates.
Sending money to Bouvet Island
When searching around for information on how to get a good exchange rate when sending money to Bouvet Island you need to start with finding out the latest
Norwegian Krone foreign-transfer exchange rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much
you can save (we make that calculation easy here).
Get a better deal for foreign transfers to Bouvet Island
When sending money to Bouvet Island it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers.
To get a better deal you should follow these 4 simple steps :
Open an account with a BER reviewed FX provider (id docs may be required)
You specify the local or Norwegian Krone amount you want to transfer
Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
Once your funds are received by the provider the converted NOK amount will be transfered to the recipient account you specify in Bouvet Island.
Use our Send to Norwegian Krone calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more -
end result is more Norwegian Krone deposited into the recipient bank account and less margins and fees kept by the banks!
