Icelandic Króna
Íslensk króna
Currency Code
ISK
ISO 352
Symbol
ISK
Native: kr
Decimal Digits
0
Rounding: 0
Countries
IS
Using this currency
Currency Units
Major Unit
Name: króna
Symbol: kr
Minor Unit
Name:
Symbol:
Value: 0
Banknotes
Frequently Used
500 kr1000 kr2000 kr5000 kr10000 kr
Coins
Frequently Used
1 kr5 kr10 kr50 kr100 kr
Plural Forms
English Plural
Icelandic krónur
Native Plural
Íslenskar krónur
Overview
The Icelandic Króna is the currency of Iceland, managed by the Central Bank of Iceland. Despite Iceland's small population, the króna gained international attention during the 2008 financial crisis and has since stabilized as part of the country's recovery.
Economy
- Iceland is a member of NATO, EFTA, EEA, OECD, Nordic Council, Arctic Council.
- Main industries include: Tourism, Fish processing, Aluminum smelting, Ferrosilicon production, Geothermal power, Hydropower.
- Iceland is part of the World Trade Organization.
- Imports are machinery, petroleum products, foodstuffs, textiles.
- Major exports include fish and fish products, aluminum, animal products, ferrosilicon, diatomite.
- GDP: $28.6 billion (2023 est.).
- GDP per capita: $82,999 (2023 est.).
- Unemployment rate: 2.8% (2023 est.).
- Inflation rate: 9.9% (2023 est.).
- Main trading partners: Germany, United States, Norway, Netherlands, Spain, Denmark.
- Trade agreements: EEA Agreement, EFTA agreements, Various bilateral agreements.
History
- Previous currencies used: Danish krone, Danish rigsdaler.
- The Icelandic króna was introduced in 1918 when Iceland gained sovereignty from Denmark. It replaced the Danish krone at par and has been Iceland's currency since then.
- 1918: ISK introduced, replacing Danish krone
- 1922: Central Bank of Iceland established
- 1939-1949: Exchange controls during WWII
- 2008: Banking crisis and capital controls
- 2015-2017: Gradual removal of capital controls
- 2020: COVID-19 impact on tourism economy
- Exchange rate peg: Free floating (with periods of controls).
General Information
- ISO 4217 Code: ISK
- Symbols: ISK/kr
- Currency Subunits: 100 aurar
- Central Bank: Central Bank of Iceland
- Monetary Policy: Inflation targeting with 2.5% target. Free-floating exchange rate with focus on price stability for small open economy.
- Bills: 500 ISK, 1000 ISK, 2000 ISK, 5000 ISK, 10000 ISK
- Coins: 1 króna, 5 krónur, 10 krónur, 50 krónur, 100 krónur
- USD Exchange Rate: Variable (approximately 138-140 ISK per USD)
- Pegged To: None (Floating)
- Capital: Reykjavik
- Population: 345,393 (2023 est.)
- Area: 103,000 km²
- Languages: Icelandic (official), English, Nordic languages, German
- Time Zones: UTC+0 (Greenwich Mean Time year-round)
- Government Type: Unitary parliamentary republic
- Head of Government: President (head of state), Prime Minister (head of government)
- Independence: June 17, 1944 (from Denmark)
- Ethnic Groups: Homogeneous mixture of descendants of Norse and Celts 81%, Foreign-born 19%
- Religions: Evangelical Lutheran Church of Iceland 62.3%, Roman Catholic 4%, Reykjavik Free Church 2.7%, Hafnarfjörður Free Church 2%, Other Christian 3.8%, Other 3.0%, None 6.7%, Other or unspecified 15.5%
- Literacy Rate: 99% (2003 est.)
- Transport: Keflavik International Airport, ring road system, no railways, major fishing ports
- Communications: Advanced telecommunications, 99% internet penetration, comprehensive mobile coverage
- Energy: Geothermal 66%, Hydroelectric 20%, Oil 14%
- Countries Using This Currency: Iceland
- Data Sources: Central Bank: Central Bank of Iceland (cb.is), Economic Data: Statistics Iceland, World Bank, IMF, Trade Data: Statistics Iceland, Demographic Data: Statistics Iceland, Geographic Data: Icelandic Met Office, Historical Data: Central Bank of Iceland archives
- Last Updated: 2025