Icelandic Króna (ISK)

Basic Concepts of the Icelandic Krona

The Icelandic Krona is the official currency of Iceland, with the ISO code ISK and symbol "kr", and is issued and managed by the Central Bank of Iceland. It has a floating exchange rate system and is relatively untraded in the international foreign exchange market.

Countries and Regions of Use

The Icelandic krónur is the legal tender of the Republic of Iceland and circulates only within the country. Due to Iceland's geographical independence and small population, the currency is not officially used in other countries or regions.

Currency unit and denomination system

The Icelandic krónur uses the theoretical system of 1 krónur = 100 År (the År coin is no longer in circulation). Coin denominations in circulation are 1, 5, 10, 50 and 100 krónur, while banknotes are available in denominations of 500, 1,000, 2,000, 5,000 and 10,000 krónur. The design of the banknotes incorporates elements of Icelandic natural landscapes and historical figures.

Historical Background

The Icelandic krone was first separated from the Danish krone in 1874, and after the establishment of the Central Bank of Iceland in 1922, the monetary system was gradually improved, and a major currency reform was carried out in 1981 (100 old krone = 1 new krone). 2008 after the financial crisis, capital controls were implemented, which were lifted in 2017, and it has now become a distinctive and independent currency in the European Economic Area (EEA).