The Icelandic krona declined to the lowest level in almost seven years against the U.S. dollar yesterday after the rating downgrades by S&P and Fitch rating agencies raised the risk-averting mood among the investors.
Icelandic Króna ISK
Detailed information and fundamental factors
Central Bank: Central Bank of Iceland
Interest Rate: 7.00%
Public Debt to GDP Ratio, 2011: 128.3%
Trade Balance, 2011: $0.799 bln.
Inflation, 2011: 4%
Supporting Factors
High-yielding interest rates
medium
Factors of Weakness
Dependence on the eurozone
Fiscal irresponsibility
strong
The Icelandic krona is the currency of Iceland. It was separated from the Danish krona after the dissolution of the Scandinavian Monetary Union and Icelandic autonomy from Denmark in 1918, while first coins were issued in 1922. The economy of Iceland is export-driven, marine products being the majority of exporting goods.
Icelandic Krona News Archive
