The Norwegian unit of currency is the Norwegian krone (NOK or kr), made up of 100 ore.

Notes are issued in denominations of 1000kr, 500kr, 200kr, 100kr and 50kr, and coins in denominations of 20kr, 10kr, 5kr, 1kr, and 50 ore.

As at June 2006, 1kr is equivalent to EUR0.13, GBP0.09 and US$0.16.

The cost of living in Norway is extremely high, and it was rated the second most expensive country in which to live in a 2006 Quality of Life Index, compiled by the Economist Intelligence Unit). It is the most expensive European country in which to live.

Housing, transport and restaurant costs are very high, and groceries are also costly. Alcohol and tobacco prices are particularly expensive.

Typical prices include:

1 litre of milk 10kr
1 kg apples 25kr
6 eggs 15kr
1 kg cheese 70kr
Small bottle of beer 50kr
Glass of wine in restaurant 60kr
Fast food meal (per person) 50kr upwards
Expensive restaurant meal (per person) 200-300kr
Monthly groceries and household items for family of 4 9,000kr

Tips are not expected in restaurants as a service charge is normally included in the price. However, it is normal practice to leave a few krone for particularly good service.