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Photo: Golli.

Króna Continues to Weaken

The króna continues to weaken despite the intervention of the Central Bank of Iceland, RÚV reports. Following a significant drop in value yesterday, the Icelandic currency has weakened by 11% in the last two months.

The weakening of the currency will mean Icelandic consumers will pay more for imported products and online purchases from abroad. One example are Netflix subscriptions, which have gone up by ISK 137 ($1.15/€1) per month.

The weakening króna in combination with rising fuel prices in international markets have also affected gas prices, which were around ISK 210 ($1.77/€1.53) per litre at the beginning of the year and hover at ISK 230 ($1.94/€1.68) per litre today.

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