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Icelandic Krona

Icelandic Króna Rates

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Latest Icelandic Króna Exchange Rate News

Please see our news section for the latest currency news affecting worldwide exchange rates. You can also visit our dedicated page on Icelandic Money Transfers, including timescales and information needed to make your transfer.

 

Overview - ISK

The Icelandic Króna is the currency of Iceland, and its currency code is ISK. It is officially subdivided into 100 Aurar, but in practice this subdivision is no longer used with 1 Króna being the lowest denomination. Króna translates as Crown, which relates to the other Nordic currencies – Danish Krone, Swedish Krona, Norwegian Krone.


The first version of the Króna was used until 1981, when it was revalued with 100 old Króna (ISJ) being worth 1 new Króna (ISK). The Króna is a low-volume world currency, strongly managed by its central bank, and is very volatile in nature, e.g. during the first half of 2006, the Icelandic Króna ranged between 50-80 per $1.


In 2008 the global financial crisis brought around the collapse of the Icelandic banking sector, and since then numerous efforts have been made to peg the Króna to the Euro, all of which have failed, with the Króna dramatically falling in value against virtually every world currency. The Króna has managed to maintain a level for the last couple of years, but is consider a hindrance to Iceland’s international trade and as such Iceland is currently applying for EU membership with a view to adopting the Euro.