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    Currency in Svalbard and Jan Mayen – Norwegian krone NOK

    A practical foreign exchange and currency guide on sending money and travel to Svalbard and Jan Mayen

     

     

    Travelling to Svalbard and Jan Mayen

    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,[5] 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.

    Sending Money to Svalbard and Jan Mayen

    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.

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    Norwegian krone – Markets & Rates

    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.

     

    1 USD = 8.8814 NOK
    Sell USD  →  Buy NOK
    USD to NOK at 8.8791 has risen 2.4% above its 90-day average, range 8.3309-9.1911.
    |
      1 NOK = 0.1126 USD
     
    4-DAY-3.3%
    14-DAYLOW


    The USD had a strong month in September, outperforming all the G10 currencies. The gains can be attributed to more ‘hawkish’ commentary from the US Federal Reserve, especially in comparison to the European Central Bank.

    According to OFX the USD trend for October is unclear.

    USD Outlook

    Historic USD-NOK Rates

    USD/NOK wasChangePeriod
    8.9610
    24 Nov 2021
    0.8% 2 Weeks
    8.6778
    09 Sep 2021
    2.4% 90 Days
    8.7602
    08 Dec 2020
    1.5% 1 Year
    8.4794
    09 Dec 2016
    4.8% 5 Years
    5.7418
    11 Dec 2011
    54.8% 10 Years
    8.9385
    13 Dec 2001
    0.6% 20 Years
    USD/NOK change over periods to 08-Dec-2021

     

    The Norwegian krone is also the domestic currency in 2 other countries.

     

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