USD 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 USD/NOK exchange rate?
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 neighbors.3
The value of the U.S. dollar may benefit from its status as a safe haven currency especially during times of political turmoil. As the world’s primary reserve currency, the value of the USD may be influenced by macroeconomic factors such as interest rate changes and government policies that affect critical trading relationships.
The USD/NOK exchange rate is also influenced by oil prices. For example, from 2002 to 2008, this currency pair experienced a high level of volatility as a result of the global financial crisis and the changes that were occurring in the oil market.2
“As the world’s third largest exporter of natural gas and tenth largest exporter of oil, Norway plays an important stabilizing role in energy markets and energy security.” – U.S. Department of State4
In 2015, Norway was ranked 28th in GDP, while the United States ranked 1st.5
In 2014, Norway was the 32nd largest exporter and the 36th largest importer in the world, while the United States was the 2nd biggest exporter and biggest importer.6,7
Norway’s top exports include petroleum gas, crude petroleum, refined petroleum, raw aluminum, and non-fillet fresh fish. Its main imports include refined petroleum, nickel mattes, passenger and cargo ships, cars, and computers.6
Whether you’re planning on going on vacation 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 personalized 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