At the beginning of this month Icelanders had to pay their credit card bills for transactions made in December.
Archive photo by Páll Stefánsson.
According to an overview from the Central Bank of Iceland, shoppers were on a spree: the total value of transactions in December was ISK 68.5 billion (USD 555 million, EUR 422 million), up by ISK 9 billion (USD 73 million, EUR 55 million) from the month prior, Morgunblaðið reports.
Credit card bills amounted to ISK 2 billion higher than after the holiday season in December 2010, an increase of three percent. Transactions abroad contributed more to this increase than transactions in Iceland.