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Before the Krone the currency of Norway was the speciedaler. In 1875 after Norway joined the Scandinavian Monetary Union the krone replaced the speciedaler at a rate of 4 kroner equal to 1 speciedaler. The Scandinavian Monetary Union dissolved in 1914 but Norway along with Sweden and Denmark kept and continued to use their respective separate currencies.
The Norwegian Krone was pegged initially to the British pound in 1931 at a rate of 19.9 kroner equal to £1 British pound. In 1939 it was temporarily pegged against the US dollar at a rate of 4.4 kroner equal to $1 US dollar. During World War II and the German occupation of 1940-1945 the krone was pegged to the Reichsmark at 1 krone equal to 0.6 Reichsmark.
In 1992 the Central Bank of Norway moved to a floating exchange rate for the Norway’s currency.
Norway is one of the most expensive countries in the world to reside. In the past this was mainly due to transportation costs and barriers to free trade but today high taxation is the main cause.
The Norwegian Krone is the official currency of Norway. The ISO 4217 currency code for the Norwegian Krone is NOK.