Icelandic Króna Reaches Yet a New Low Skip to content

Icelandic Króna Reaches Yet a New Low

The Icelandic króna depreciated by more than four percent yesterday after it was floated on Friday and the exchange rate index surpassed 250 points for the first time. At one point, one US dollar was worth almost ISK 150.

Copyright: Icelandic Photo Agency.

As for other currencies, EUR 1 could be exchanged for almost ISK 190, GBP 1 cost more than ISK 220, DKK 1 was worth roughly ISK 25, and JPY 1 was traded for ISK 1.6, Fréttabladid reports.

It is unclear how much trade took place with the Icelandic króna since its re-floating, but according to sources from Iceland’s banks they were not particularly extensive, less than ISK 1 billion (USD 6.7 million, EUR 5.3 million).

For the time being, the Central Bank is responsible for nearly all foreign currency trade.

Click here to read about the first part of the International Monetary Loan (IMF) being received, which was the basis for re-floating the króna.

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