A practical foreign exchange and currency guide to Svalbard and Jan Mayen
What's in this Svalbard and Jan Mayen currency guide:
The official currency of Svalbard and Jan Mayen is the Norwegian krone, with symbol kr and currency code NOK.
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.
05 May 2022
18 Feb 2022
19 May 2021
20 May 2017
21 May 2012
24 May 2002
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make a Transfer or Spend Norwegian krone.
Svalbard and Jan Mayen are combined for the purposes of the International Organization for Standardization (ISO) category, they are not administratively related. This has further resulted in the country code top-level domain .sj being issued for Svalbard and Jan Mayen.
Svalbard is an archipelago in the Arctic about midway between mainland Norway and the North Pole. The administrative center is Longyearbyen, and other settlements, in addition to research outposts, are the Russian mining community of Barentsburg, the research community of Ny-Ålesund and the mining outpost of Sveagruva. The Svalbard Treaty of 1920 recognizes Norwegian sovereignty, and the 1925 Svalbard Act made Svalbard a full part of the Kingdom of Norway. The archipelago is administrated by the Governor of Svalbard, which is subordinate to the Norwegian Ministry of Justice and the Police. Unlike the rest of Norway (including Jan Mayen), Svalbard is a free economic zone and a demilitarized zone, and is not part of the Schengen Area nor the European Economic Area.
Jan Mayen is a volcanic island in the Arctic Ocean located at the border of the Norwegian Sea and the Greenland Sea. The single island covers an area of 377 square kilometres (146 sq mi) and is dominated by the 2,277-metre (7,470 ft) tall Beerenberg volcano. The island’s only population is a combined military and meteorological outpost that operates a LORAN-C transmitter at Olonkinbyen. The Norwegian Meteorological Institute annexed the island for Norway in 1922. On 27 February 1930, the island was made de jure a part of the Kingdom of Norway.