Norwegian krone
The value of Norwegian krone 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 US$11.14 (US$1 = 8.98 NOK). In July 2002, the krone hit a high at 100 NOK = US$13.7 (US$1 = 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.