Exchange Rates
The value of Norwegian kroner compared to other currencies varies considerably from one year to another, mainly based on changes in oil prices and interest rates. In 2002 the Norwegian krone grew to record high levels against the United States dollar and the Euro. On 2 January 2002, 100 NOK were worth 11.14 USD (1 USD=8.98 NOK). In July 2002, the krone hit a high at 100 NOK = 13.7 USD (1 USD=7.36 NOK). In addition to the high level of interest, which increased further on 4 July 2002, to 7 per cent, the price of oil was high. At the time Norway was the world's third largest oil exporter.
In 2005, oil prices reached record levels of more than 60 dollars per barrel. Although interest rates had decreased to around 2 per cent, the Norwegian krone grew even stronger.
However, in late 2007 and early 2008, the USD suffered a steady depreciation against all other major currencies. The Norwegian krone was gaining value at the same time; as a result, the Norwegian krone became stronger than ever compared to the USD, making the USD worth about 5 NOK in April 2008. By October 2008, the USD had recovered and was worth approximately 7 NOK. Following 2009, the NOK has once again seen strong growth, making the USD worth about 5.8 NOK as of the beginning of 2010.
As of 2009 the Norwegian krone is the tenth most traded currency on the foreign exchange market.
Read more about this topic: Norwegian Krone
Famous quotes containing the words exchange and/or rates:
“We never exchange more than three words with a Friend in our lives on that level to which our thoughts and feelings almost habitually rise.”
—Henry David Thoreau (1817–1862)
“One of the most important findings to come out of our research is that being where you want to be is good for you. We found a very strong correlation between preferring the role you are in and well-being. The homemaker who is at home because she likes that “job,” because it meets her own desires and needs, tends to feel good about her life. The woman at work who wants to be there also rates high in well-being.”
—Grace Baruch (20th century)