Krona
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A Bad Year for the Icelandic Króna?
The Icelandic króna has continued to weaken against the euro throughout this year, reaching its weakest level last Wednesday when one euro was equivalent to approximately ISK 165, RÚV reports. Today, one euro is equivalent to approximately ISK 160, a rapid strengthening…
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Iceland’s Central Bank Trying To Strengthen Weakening Krona
The Central Bank has, for three days in a row now, actively bought Icelandic krónur in an effort to stem its weakening value. The matter was first brought to light by Kjarninn from an unnamed source, and was later confirmed by the…
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Icelandic Króna Weakening Again
The exchange rate of the Icelandic króna (ISK) against larger currencies is weakening, casting a shadow on upcoming collective bargaining negotiations and prompting concerns about inflation from the Central Bank. Kjarninn reports that the going exchange rate for ISK to the euro…
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Króna Drops As Banking Crisis Anniversary Nears
The Icelandic Króna (ISK) has dropped by six percent against the euro since the beginning of September, RÚV reports. In a matter of hours on Tuesday morning it fell two percent. The Central Bank used its foreign reserves to prevent an even…
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Tourist Cancellations Hitting Industry Hard
In recent months, the tourism industry has started to experience something unheard of just 12 months ago—mass cancellations. The main culprit in the wave of cancellations is the ever strengthening króna, which together with already high prices has made visiting the country…
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News In Brief: A Heart-Shaped Ferris Wheel, Tax Evaders & Doodies
We often talk about the insane amount of tourists who have been visiting our shores in the past few years, but it looks like tourists aren’t the only ones interested in coming to Iceland. The Directorate of Labour estimates that around 3,000…
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Icelandic Króna Finally Drops In Value
Yesterday, the Icelandic króna depreciated 1.8% and since the beginning of June it has fallen by 5.2%, reports RÚV. The strong króna has been causing tourists headaches, with already expensive Iceland getting more and more unforgiving. Over the last 12 months the…
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Show Me The Money: Hot Dogs And Independence
Until the mid-to-late 19th century, most financial transactions in Iceland were conducted in vaðmál (homespun wool). However, since 1922, Iceland has issued its own currency, the króna. Iceland never being the best at economic stability, the króna has lost significant value every…
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Show Me The Money: The Ringo Starr
Until the mid-to-late 19th century, most financial transactions in Iceland were conducted in vaðmál (homespun wool). However, since 1922, Iceland has issued its own currency, the króna. Iceland never being the best at economic stability, the króna has lost significant value every…
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Stronger Króna Hasn’t Made Things Cheaper
During the past year, the exchange rate index of the Icelandic króna has increased a whopping 25%, despite that prices of imported goods have not followed suit, reports RÚV. Much of products sold in the country have to be imported from abroad, which…
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Show Me The Money: The 10 Króna Coin
Until the mid-to-late 19th century, most financial transactions in Iceland were conducted in vaðmál (homespun wool). However, since 1922, Iceland has issued its own currency, the króna. Iceland never being the best at economic stability, the króna has lost significant value every…
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Show Me The Money: The 5 Króna Coin
Until the mid-to-late 19th century, most financial transactions in Iceland were conducted in vaðmál (homespun wool). However, since 1922, Iceland has issued its own currency, the króna. Iceland never being the best at economic stability, the króna has lost significant value every…
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Show Me The Money: The 1 Króna Coin
Until the mid-to-late 19th century, most financial transactions in Iceland were conducted in vaðmál (homespun wool). However, since 1922, Iceland has issued its own currency, the króna. Iceland never being the best at economic stability, the króna has lost value significantly every…
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Bank Warns Against “Flying Too Close To The Sun”
The Research Division of Arion Bank warns that the Icelandic króna is strengthening faster than the economy can deal with in the long term. RÚV reports that according to the Research Division’s report, entitled “Don’t Fly Too Close To The Sun”, it…
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Most Icelanders Do Not Believe The Króna Is The Future
Only about one third of respondents to a new poll believe that the króna will be Iceland’s currency in the future. About 28,000 Icelanders responded to the poll, conducted by national broadcasters RÚV. Of those, 60% either strongly or moderately disagreed with…
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PM: Icelandic Króna “Strongest And Most Stable” Currency In The World
Prime Minister Sigmundur Davíð Gunnlaugsson contends Iceland’s currency is not just good; it’s the best. Stundin reports that in an interview on radio station Bylgjan, the PM was told that many have complained about the high interest rates in Iceland, which are…
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I Am Perplexed By Life
Hi! Welcome to yet another issue of The Reykjavík Grapevine – Reykjavík’s tourist magazine for tourists! (If you are not a tourist, you shouldn’t really be reading this. This is a tourist magazine, you know. Show some respect). Anyway. There are many…
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Welcome to the Economic Model, Friend
Pissed that you just paid ten dollars for a beer? Thirty dollars for a CD? So are the people who have to charge you that much, or watch the smile turn to consternation and eventually cranky 12-year-old-style angst over the exchange rate.…