BER Country Guides Svalbard and Jan Mayen - NOK

Currency in Svalbard and Jan Mayen NOK - Things to know

Foreign exchange guide to Svalbard and Jan Mayen and the Norwegian krone

Things to know about the Norwegian krone

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.

Here is what the Norwegian kroner looks like:

• Coins: The Norwegian kroner is available in coins ranging in value from 1 øre (1/100 of a kroner) to 20 kroner. The coins feature a variety of designs, including the Norwegian coat of arms and images of animals, plants, and cultural symbols.

• Banknotes: The Norwegian kroner is available in banknotes ranging in value from 50 kroner to 1,000 kroner. The banknotes feature a variety of designs, including images of historical figures and cultural symbols.

Here are some of the historical figures that have appeared on Norwegian banknotes:

• 50 kroner: Kristian Birkeland, a Norwegian scientist and inventor
• 100 kroner: Kirsten Flagstad, a Norwegian opera Singer (see image below).
• 200 kroner: Camilla Collett, a Norwegian author and feminist
• 500 kroner: Henrik Ibsen, a Norwegian playwright and poet
• 1000 kroner: Sigrid Undset, a Norwegian novelist and Nobel laureate

It is worth noting that the designs of Norwegian banknotes are periodically updated, so the figures that currently appear on Norwegian banknotes may be different from the ones listed above.

Travel money for Svalbard and Jan Mayen

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.

 

 

Travel Ideas and Money Tips for 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.

 

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