Norwegian Krone (NOK)

Norway — Norges Bank

Norwegian krone — oil-linked Scandinavian currency with one of the world's most active sovereign wealth funds behind it.

FX Session:
London
NOK/USD
0.10813
NOK/USD Exchange Rate
Economic Indicators
Indicator Latest Previous Change Date
Policy Rate 4.5 4.5 0.00 2025-06-02
Inflation 3.0 3.3 -0.30 2025-06-30
Core Inflation 2.79 3.1 -0.31 2025-05-31
Gdp 4.5 4.25 +0.25 2025-06-02
Unemployment 4.8 4.7 +0.10 2025-06-30
Trade Balance 44.111 46.875 -2.76 2025-05-31
Retail Sales 0.96 4.5 -3.54 2025-05-31
Ppi -1.7 -2.0 +0.30 2025-05-31
Norges Bank Press Releases
  • Norwegian banks are well equipped to manage market stress and higher losses
    2026-05-12
    In the bi-annual Financial Stability Report, Norges Bank assesses vulnerabilities and risk in the Norwegian financial system.
  • Policy rate raised to 4.25%
    2026-05-07
    Norges Bank’s Monetary Policy and Financial Stability Committee decided to raise the policy rate from 4% to 4.25% at its meeting on 6 May. The monetary policy outlook does not appear to have changed materially since the monetary policy meeting in March, but there is substantial uncertainty about fut
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NOK Quick Links
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About the Norwegian Krone (NOK)

The Norwegian krone (NOK) is the official currency of Norway. It is one of the most oil-sensitive currencies in the world, given Norway's large petroleum sector and the role of the Government Pension Fund Global (the 'oil fund').

Norges Bank: monetary policy framework

Norges Bank sets the policy rate eight times per year, with a 2% inflation target. Four of its meetings include a Monetary Policy Report with updated growth, inflation, and rate-path forecasts.

What moves the NOK?

  • Norges Bank policy rate and rate-path projections.
  • Brent crude oil price.
  • Norway CPI-ATE (core CPI excluding energy and tax changes).
  • Norges Bank daily NOK FX purchases on behalf of the government.
  • Eurozone growth and EUR/NOK direction.
  • Risk sentiment and broad USD moves.

Key data and events to watch

  • Norges Bank monetary policy decision and Monetary Policy Report.
  • Norway CPI and core CPI.
  • Brent crude oil and gas prices.
  • Norges Bank's published daily FX purchases.
  • EUR/NOK as the dominant trading pair.

Frequently asked questions about the Norwegian Krone

How does oil affect the Norwegian krone?
Petroleum exports remain a meaningful share of Norway's economy and fiscal revenue. Higher oil prices typically improve the current-account position and support NOK, although Norges Bank's daily FX purchases on behalf of the government partially mute the relationship.
What is the Government Pension Fund Global?
The Government Pension Fund Global, often called the 'oil fund', is Norway's sovereign wealth fund. It receives surplus petroleum revenue and invests internationally, making it one of the largest single investors in global equities and bonds.
How often does Norges Bank meet?
Norges Bank's Monetary Policy and Financial Stability Committee makes eight policy-rate decisions per year. Four of those are 'large' meetings with a Monetary Policy Report and a rate-path projection.
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