2008 financial crisis Icelandic króna

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exchange rate isk per euro 2000 mid-2010



in october 2008, financial crisis of 2007–2008 brought collapse of icelandic banking sector. value of icelandic króna dropped, , on 7 october 2008 icelandic central bank attempted peg @ 131 against euro. peg abandoned next day. króna later dropped again , 340 against euro before trade in currency suspended (by comparison, rate @ start of 2008 90 krónur euro). after period of tentative, low-volume international trading in króna, activity had been expected pick again throughout november 2008, albeit still low liquidity, iceland secured international monetary fund loan. however, of january 2009 króna still not being traded regularly, ecb reference rate being set intermittently, last time on 3 december 2008 @ 290 króna per euro.


the icelandic króna lowered in value against dollar, around 50 80 per dollar 110–115 per dollar; mid-november 2008 had continued lower 135 dollar. of 2 april 2009, value hovered around 119 per dollar, maintaining value on next 2 years 23 march 2011, prices around 114 per dollar. this, high costs foreign traders , tourists thereby dropped, iceland s trade , tourism industry hope exploit. in july 2008, big mac cost equivalent of us$6, versus $3.57 in us.








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