SGD 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 AUD/NOK exchange rate?
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.2
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 The NOK/AUD exchange rate will depend heavily on oil prices--one of Norway’s primary exports.
The Aussie dollar is a commodity currency, so factors that will influence its value include demand for Australia’s commodities, including gold, coal, and iron ore. Because Australia trades heavily with Asia, the AUD could fluctuate as a result of growth or decline in major Asian markets.
“In 2014-15 total two-way merchandise trade between Australia and Norway was worth A$543 million.” – Australian Government Department of Foreign Affairs & Trade4
Australian exports to Norway include boats, ships, hovercraft, pumps (excluding liquid pumps), and parts. Imports from Norway include specialised machinery and parts, measuring and analysing instruments, and fish products.4
In 2015, Norway was ranked 28th in GDP, while Australia ranked 12th.5
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.6
In 2014, Norway was the 32nd largest exporter and the 36th largest importer in the world, while Australia was the 21st biggest exporter and 21st biggest importer.6,7
Whether you’re planning on going on holiday in Norway or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to Norway, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.
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
NOK to AUD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the NOK to AUD exchange rate today.
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