- Monetary unit:
- the Country code:
- Iceland, Republic
- Iceland krone
- of 100 250 sq. km
- Icelandic (state)
- IS (ISL) 352
National monetary unit of Iceland is the Iceland krone. The international designation of Iceland krone - ISK .
Officially in circulation there are denominations of denomination 500, 1000, 2000, 5000, and also coins in nominal value 1, 5, 10,
50 and 100 crowns. In theory the krone is equal 100 eyrirs, however since October, 1st, 2003 of a coin in nominal value less than 1 crowns
Are withdrawn from circulation, and of denomination 10, 50 and 100 crowns of the Central Bank of Iceland any more do not manufacture paper moneys.
On the basis of the law from September, 18th, 1885 the National bank of Iceland has been created and the first notes in crowns are manufactured. Issue was limited under the law to the sum of 750 thousand krones. Over this sum issue in the small sizes was carried out with 1904 on 1927 by private Icelandic bank. Since December, 1st, 1918 Iceland has received partial state independence: in sphere of external relations Iceland till 1944 was represented by Denmark.
The first official quotation of Iceland krone in Reykjavic falls into to the middle of June, 1922, the Iceland krone was equated to a danish crown, and its rate to pound sterling. On October, 2nd, 1931 currency exchange regulation is entered. The krone exchange rate dropped after a sterling rate.
From January, 1st till June, 30th, 1981 the exchange of token moneys on a parity of 100 old crowns = to 1 new krone is spent.
Primary colours in which the Icelandic notes are issued: red-brown and beige.
For a good choice of hotels with discount prices, visit Reykjavik Hotel for more information.
The Economic crisis of 2008 has led to sharp falling of a rate of Iceland krone to US dollar. The government of Iceland, solving economic problems, carries on negotiations with the European union for the introduction and euro introduction, as currency.
It is updated 05.2012