British pound to Norwegian krone exchange rates

The lowdown on the Norwegian krone

Introduced in 1875, Norway joined the Scandinavian Monetary Union that have been established two years prior. During this time, the Norwegian krone was on a gold standard. Bank notes come in 50, 100, 200, 500 and 1,000 kr, whereas coins come in 1, 5, 10 and 20 kr. Because Norway is a global oil producer, its currency is affected by the price of oil. During the 2002 oil price boom, the krone was trading at high values against the dollar, euro and pound.

A look back at British pound to rates

The British pound is the Norwegian krone’s third most traded currency pair, accounting for approximately 12.8% of daily trading volume. In 1931, the krone was pegged to the pound at a value of 19.9 kr, after which it saw pegging to the US dollar and to the German Reichsmark during parts of the Second World War. In 1992, the Norwegian government abandoned any fixed exchange rates and replaced them with a floating rate traded on the open market.