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LOCAL CURRENCY IN ICELAND

Would you like to know name of the currency in Iceland? The local currency in Iceland is called Krona.

The Icelander Krona is issued and managed by the Central Bank of Iceland. To find out the current currency exchange rates for Krona to other major currencies of the world, click on foreign currency rates.

Icelander Currency Information
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The currency used in Iceland is called as the Krona. This currency is denoted with the currency sign kr, Íkr and the ISO 4217 Code for the Icelander Krona is ISK. The Krona, is the official currency of the Iceland . It is divided into 100 smaller units called eyrir (obsolete).

The constitution of Iceland provides that the Iceland government shall have the power to print the Icelander Krona and eyrir (obsolete) coins to be used as a legal tender in Iceland. The Icelander Krona bank notes and Eyrir (obsolete) coins are both designated as "legal tender" in payment of debts.

The Icelander Krona bill uses the decimal system, consisting of 100 equal units.

The symbol kr, Íkr, usually written before the numerical amount, is used for the Icelander Krona.

Currently printed bank notes denominations are 500, 1000, 2000, 5000 krónur and the coins are minted in the denominations of 1, 5, 10, 50, 100 krónur .

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How Does Balance of Trade and Investment Affect the Value of the Icelander Krona
Financial analysts regularly cite the balance of trade and investment in Iceland as the most important influence on the value of the Krona. The difference between what the Iceland exports and imports in terms of goods and services to and from other countries can be obtained from a balance of trade statement.

The balance of investment on the other hand represents the difference in exports and imports of capital. If exports from Krona exceed imports from other countries, in either the balance of trade or balance of investments, it is called a surplus. The term deficit is used when the imports into Krona exceed exports to other countries. The points below go into detail to explain on how the balance of trade and balance of investments affect the Icelander Krona.
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