What is kroner?

Kroner

The term "kroner" (plural of krone) refers to the currency used in several Scandinavian countries. It is derived from the word "crown." Here's some information:

  • Countries Using Kroner: Currently, three independent countries use a currency called "krone" or "kroner":

  • Currency Codes: Each krone has its own three-letter ISO 4217 currency code, as shown above.

  • Subdivisions: The krone is typically divided into 100 subunits, called "øre" in Danish and Norwegian, and "öre" in Swedish.

  • History: The Scandinavian Monetary Union, established in 1873, initially linked the currencies of Denmark, Norway, and Sweden at a fixed rate to the gold standard. While the union dissolved during World War I, each country decided to keep the name "krone" for their respective currencies.

  • Denominations: Kroner are issued in both banknotes and coins. The denominations vary slightly from country to country. Common banknote denominations include 50, 100, 200, 500, and 1000 kroner/kroner/krona.

  • Exchange Rates: The exchange rates between the different kroner, and against other currencies like the Euro or US%20Dollar, fluctuate based on market conditions.

  • Monetary Policy: Each country's central bank (e.g., Danmarks Nationalbank, Norges Bank, Sveriges Riksbank) is responsible for managing its krone and implementing monetary policy.