Currency · NOK · kr

Exchange rate for the
Norwegian krone (NOK)

The Norwegian krone is the currency of Norway and a so-called « petro » currency, whose value is often correlated with the price of Brent crude. Convert it at the real interbank rate, in real time, with a transparent margin from 0.40%.

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NOKISO code · kr
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The Norwegian krone at a glance

The essentials on the Norwegian krone (NOK)

The key facts about Norway's currency, and how to convert it at the fair rate.

ISO code NOK, symbol kr

The official currency of Norway, subdivided into 100 øre. It is commonly written « kr ».

Managed by Norges Bank

The central bank of Norway conducts monetary policy with an inflation target of 2%.

A « petro » currency

Considered a commodity currency : its short-term movements often follow the price of Brent crude.

Exchange from 0.40% at ibani

A sliding, transparent margin applied to the real rate, with no hidden fees.

Our experts' analysis

The krone, currency
of an oil economy.

The Norwegian krone (NOK) is the currency of a small open economy, highly integrated into international trade. As Norway is one of Europe's major hydrocarbon exporters, the krone is often described as a « petro » currency : its short-term movements frequently follow the price of Brent crude and commodity prices.

This sensitivity to resources is partly tempered by the Norwegian sovereign wealth fund, one of the largest in the world, which invests oil revenues abroad and brings long-term stability. For Swiss players, the NOK/CHF pair reflects this balance between commodity exposure and fiscal prudence.

NOK key facts
ISO codeNOK · kr
Central bankNorges Bank
Area of useNorway
TypePetro currency
Monetary policy

Norges Bank's policy towards the krone

Norges Bank, the central bank of Norway, is responsible for the country's monetary policy. Its main mandate is price stability, with an inflation target of 2% over the medium term, while supporting employment and balanced economic activity.

To achieve this, Norges Bank uses several levers :

The policy rate

The main instrument (styringsrenten). Faced with post-pandemic inflation, Norges Bank raised it sharply, up to 4.5% at the end of 2023, before later starting an easing cycle.

Currency conversions for the State

Norges Bank carries out daily foreign exchange operations on behalf of the State, linked to sovereign wealth fund flows and budget financing, which can weigh on the krone.

Norges Bank's decisions, combined with the price of oil and investors' risk appetite, shape the value of the krone against other currencies such as the Swiss franc and the euro.

History of the Norwegian krone

The key dates of its modern history

1990

Creation of the oil fund

Norway establishes by law the Government Petroleum Fund, the future Government Pension Fund Global, intended to invest oil revenues abroad.

1992

Move to a floating rate

On 10 December 1992, under market pressure, Norway abandons the peg of its currency and lets the krone float.

2001

Adoption of inflation targeting

In March 2001, Norges Bank formally adopts an inflation-targeting regime combined with a floating exchange rate.

2018

Inflation target lowered to 2%

The inflation target is brought down from 2.5% to 2%, aligning Norway with the major central banks.

2023

Monetary tightening

To counter post-pandemic inflation, Norges Bank raises its policy rate to 4.5% in December, a high not seen in many years.

Today's rates

Our rates for the Norwegian krone (NOK)

Indicative value for 1 unit, ibani margin included. Click a pair for its detail and history.

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Frequently asked questions

Frequently asked questions about the Norwegian krone (NOK)

Always compare the rate offered with the real interbank (mid-market) rate. A specialised online exchange service like ibani starts from this real rate and adds only a transparent margin from 0.40%, with no hidden fees, whereas a bank often applies a much wider spread. Compare with our rate comparison tool.

The Norwegian krone is managed by Norges Bank, the central bank of Norway. It conducts the country's monetary policy with an inflation target of 2% over the medium term. Its policy rate decisions directly influence the value of the krone against other currencies.

Norway is a major exporter of hydrocarbons : oil and gas make up a large share of its exports. The krone is therefore considered a « petro » currency (commodity currency), whose short-term movements are often correlated with the price of Brent crude. Over the longer term, the Norwegian sovereign wealth fund and a small open economy temper this sensitivity.

You can convert the Norwegian krone (NOK) into Swiss franc (CHF) and euro (EUR), as well as other currencies such as the US dollar, pound sterling, Canadian dollar, Singapore dollar, Swedish krona, New Zealand dollar, Hong Kong dollar, Japanese yen and Turkish lira.

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