Krone is the name of the
currency used in
Norway. The plural form is
kroner and one
krone is divided in to 100
řre, singular and plural. The
ISO 4217 code is NOK.
The introduction of the krone as the legal tender in
Norway,
1875 was a result of the
Scandinavian Monetary Union[?], which lasted until the
First World War. The parties to the monetary union was the
Scandinavian countries of
Sweden and
Denmark from the start in
1873, with
Norway joining two years later.
The name of the currency was Krone in Denmark and Norway, and Krona in Sweden, which in English literally means Crown. After dissolution of the monetary union Denmark, Norway and Sweden all decided to keep the name of their respective and now separate currencies.
The Norwegian coins and Norwegian banknotes are distributed by the Central Bank of Norway[?].
In
2002 the Norwegian krone kept growing stronger and stronger to record high levels compared to the
dollar and the
Euro. On
January 2,
2002, one
United States dollar was worth close to 9 Norwegian kroner. In
July 2002, the
United States dollar hit a low at 7.3 kroner. In addition to the high level of interest, which increased further on
July 04[?],
2002 to 7.0 per cent, the
oil price[?] was another reason for the soaring krone.
Norway was the world's third biggest
oil exporter, and the ever-increasing demand for
oil and
gas had driven the price up, especially for the first six months of
2002.
See also: Danish Krone, Swedish Krona, Icelandic Króna, Estonian Kroon, Czech Koruna