Icelandic investment bank Straumur-Burdarás decided yesterday to switch its accounting from Icelandic Krona to Euros starting in 2007.
Additionally to carrying out its accounting in Euros, Straumur-Burdarás will also prepare its annual financial statements in the foreign currency, beginning in the first quarter of next year.
According to Fréttabladid, Straumur-Burdarás will be the first Icelandic bank to make the change, but a few companies in Iceland have already used Euros for their accounting.
Director of Straumur-Burdarás Fridrik Jóhannesson told Fréttabladid that the bank had made this decision because more than half of its revenues and assets are in Euros already. Jóhannesson added that it is the bank’s policy to expand further in foreign markets.
Icelandic companies Actavis, Össur, Bakkavör and Marel already have their annual financial statements in a foreign currency and all major banks in Iceland have the biggest part of their assets in a foreign currency.