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Why has the Norwegian krone been weak in recent years?

Causes, exchange rate history and the 2026 recovery.

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Short answer

Statistics Norway links the krone's fall between 2019 and 2025 to global unrest, which makes investors avoid small currencies, and to larger rate rises abroad. A euro cost NOK 9.85 on average in 2019 and NOK 11.72 in 2025, according to Norges Bank. In 2026 the krone has strengthened, with the euro averaging NOK 10.80 in September.

The krone and exchange rates a payment card tapping a terminal, a phone with a simple payment icon and one krone coin

Why

  1. The krone is a small currency next to the dollar, the pound and the euro, so in uneasy times investors may see it as riskier.
  2. The US Federal Reserve and the ECB raised interest rates more than Norges Bank, which shrank the interest rate gap that can draw money to Norway.
  3. Lower oil and gas prices tend to weaken the krone, although SSB notes that Norway's lower dependence on oil and gas may have weakened that link.

Details

Norges Bank's annual averages show how far the krone fell: a US dollar cost NOK 5.82 in 2012 and NOK 10.74 in 2024, while a euro went from NOK 7.47 to NOK 11.63 over the same years. Norway has had a floating exchange rate since 29 March 2001, so the rate moves with the market. In September 2026 a dollar cost NOK 9.38 on average.

Tip

Use Norges Bank's daily exchange rates, published around 16:00, as a benchmark when you compare banks and exchange offices: they are mid-rates and only an indication.

People also ask

  • Why is NOK so weak?
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Sources

Exchange rates change every day, so check Norges Bank's current rates before you rely on these figures.

The krone and exchange rates
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