GBP to NOK Exchange Rate
Ah, Norway: Land of vikings, cheese slicers, the birthplace of skiing, and home to some of the highest gas prices in the world.
What influences the GBP/NOK exchange rate?
The GBP/NOK exchange rate is influenced by oil prices, as well as the U.K.’s retail market and consumer activity.2 Because Norway’s economy is open and small, the value of the NOK has an impact upon the country’s development, and the exchange rate affects demand for Norwegian services and goods, while also directing inflation domestically.3
From 2010 to 2013, the GBP/NOK was trading within a narrow range, as it would fluctuate between 8.50 kr and 9.44 kr. But because Norway relies heavily on oil exports, and because oil prices dictate the value of the NOK, the GBP/NOK exchange rate rose to 11.70 kr in 2014.3
While Norway is not a member of the European Union, it is a member of the European Free Trade Association (EFTA). Therefore the NOK may be affected by changes within the economies of Europe and the U.K., as Norway’s economy benefits greatly from trading with its neighbours.3
“About 70% of British oil imports come from Norway, and the U.K. is, alongside Germany, Norway’s largest and most important export market.” – Norwegian Embassy in London5
In 2015, Norway was ranked 28th in GDP, while the United Kingdom ranked 5th.6
The U.K. is one of Norway’s top export destinations, as well as one of its top import origins.7
Norway’s top exports include petroleum gas, crude petroleum, refined petroleum, raw aluminium, and non-fillet fresh fish. Its main imports include refined petroleum, nickel mattes, passenger and cargo ships, cars, and computers.7
In 2014, Norway was the 32nd largest exporter and the 36th largest importer in the world, while the United Kingdom was the 9th biggest exporter and 5th biggest importer.7,8
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Currency Name: Norwegian Krone
Currency Code: NOK
Currency Symbol: kr
Central Bank: Norges Bank
Countries Used In: Norway
Major Unit: One Krone
Minor Unit: One øre
Note Denominations: 50, 100, 200, 500, 1,000 kr
Coin Denominations: 50 øre. 1, 5, 10, 20 kr
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