The Norwegian Krone also known as the krone is the official currency of Norway and its dependent territories of Svalbard, Bouvet Island, Queen Maud Land and Peter the First Island. The word krone translates into "crown" in English. It is denoted as NOK, and its currency symbol is "kr." It is subdivided into 100 øre, which exist electronically since 2012. The krone was originally introduced in 1875 when Norway joined the Scandinavian Monetary Union (alongside Denmark and Sweden), replacing the Norwegian speciedaler/spesidaler. Following the adjournment of the Union in 1914, the member countries decided to use their separate currencies.
The most active pair to trade the Norwegian currency is the US dollar and the Krone, USDNOK. The Norwegian Krone is issued and distributed by the Norges Bank - Central Bank of Norway. The coins come in denominations of 1kr, 5kr, 10kr and 20kr while the banknotes are in values of 50kr, 100kr, 200kr, 500kr and 1000kr. The krone has been a floating currency since 1992 and is heavily influenced by oil prices considering it's the third-largest exporter of oil in the world market. It is also affected by interest rates set by the Central Bank. Further, Norway's economy is largely dependent on trade relations with the UK and the Euro-zone.