Iceland, Currency

The króna (plural krónur) is the name of the currency used in Iceland. The name, meaning "crown", is related to that of other Nordic currencies (such as the Swedish krona and Norwegian krone). The ISO currency code is ISK. The Icelandic króna separated from the Danish krone after the dissolution of the Scandinavian Monetary Union at the start of World War I and Icelandic autonomy from Denmark in 1918,with full independence in 1944. Since 1961, circulation of the Icelandic króna has been controlled by Seðlabanki Íslands, the Central Bank of Iceland. In 1981, the Icelandic króna was revalued, with 100 old krónur being worth 1 new króna. Read more

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A currency is a unit of exchange, facilitating the transfer of goods and services. It is a form of money, where money is defined as a medium of exchange (rather than e.g. a store of value). A currency zone is a country or region in which a specific currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates i.e. prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime. In common usage, currency sometimes refers to only paper money, as in "coins and currency", but this is misleading. Coins and paper money are both forms of currency. Read more

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