In connection with the withdrawal from circulation of coin denominated in the eyrir (pl. aurar), which is one hundredth of a króna (see press release 15/2003 of August 15 ), the Central Bank of Iceland would like to draw attention to Regulation No. 674/2002.

Regulation No. 674/2002 requires that, from October 1, 2003 inclusive, the amount of all claims and invoices shall be stated and paid in whole króna, by rounding down a lower amount than 50 aurar and rounding up a higher amount to the nearest króna. From that time, it is not obligatory to pay any amount calculated to be lower than 50 aurar. From the same time, it is obligatory to pay an amount calculated to be 50 aurar or more with a whole króna.

No.19/2003

September 10, 2003