Exchange Rate of ISK Remains Fixed at Microsoft Skip to content

Exchange Rate of ISK Remains Fixed at Microsoft

By Iceland Review

Microsoft Iceland and the headquarters of Microsoft reached an agreement last week on continued fixed exchange rate of the Icelandic króna on all trade between Icelandic companies and individuals with Microsoft.

The Icelandic króna. Copyright: Icelandic Photo Agency.

According to the agreement, the Microsoft exchange of the ISK is based on a rate of EUR 1 at ISK 120. The agreement is valid until the end of June this year, as stated in a Microsoft press release.

This arrangement was first agreed upon in December 2008, but the agreement expired on March 10. The initiative was welcomed by the partners of Microsoft in Iceland and considered a success and was therefore renewed.

After the exchange rate of the ISK plummeted following the collapse of Iceland’s banking system in October 2008, software trade came to an almost absolute halt at Microsoft in Iceland.

However, the fixed exchange rate revived the market in December, which was quite lively in the first quarter of 2009.

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