The lowdown on the Norwegian Krone
Norwegian Krone Exchange Rate Economical Influences
If you are considering converting AUD to NOK, it is good to get a snapshot on how the economy of the country you are planning to visit may influence the Norway exchange rate.
Norway is one of the world’s most wealthiest countries by GDP due to its abundance in natural resources and strong private sector. It has one of the highest standards of living with an integrated welfare system compared to other European countries and a higher cost of living to match.
Norway is part of Scandinavian Monetary Union since 1875 and the central banks of Denmark, Sweden and Norway acted as a single reserve bank for the Krone. This allowed the three Scandinavian currencies to have equal value when traded with another. However, World War I forced the disbanding of the gold standard system which held the Kroner at equal value. Although the Kroner was no longer interchangeable between the other kroner, the three Scandinavian countries decided to keep the krone as their primary currency.
As Norway is part of the Schengen Agreement1, it allows Australian travelers to enter Norway without a visa for up to 90 days for tourist or business purposes.
Norwegian Krone Historical Exchange Rate
The highest AUD to NOK exchange rate in 2018 was 1 Australian dollar for 6.277 Norwegian Krone on the 12th of February 2018. The lowest rate was 1 Australian Dollar for 5.9286 Norwegian Krone on the 28th March 2018. This exchange rate has stayed relatively stable between the lower end on these two ranges.
Exchange rates last updated Tuesday, 29 September 2020 7:04:11 PM AEST. The online exchange rates provided by this Currency Converter are intended as a guide only and should not be used for transactional purposes. All rates are subject to change from time to time without notice. Exchange rates used in-store may differ from those offered online. The Travelex online buy rate will be used for conversions from a foreign currency to the local currency. The Travelex online sell rate will be used for conversions from the local currency to a foreign currency.
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*The information contained in this article has been compiled by Travelex from different external sources. The figures provided are indicative only and are there to provide an idea of the amount of travel money you may need during your trip. Travelex does not ensure the accuracy and completeness of the information shown. Nothing in this article is to be considered financial advice. Travelex Limited does not accept any liability for any loss or damage derived from any reliance on the information in this article. Travelex Limited (ABN 36 004 179 953, AFSL Number 222444) arranges for and sells Online Foreign Currency via its Online Ordering Facility. You should consider the Online Foreign Currency Product Disclosure Statement and Terms and Conditions before deciding whether to acquire the product.