Official exchange rate

The exchange rate of the Icelandic króna is determined in the domestic foreign exchange market, which is open between 9:15 hrs. and 16:00 hrs. on weekdays. Once a day, the Central Bank of Iceland fixes the official exchange rate of the króna against foreign currencies, for use as a reference in official agreements, court cases, and other contracts between parties that do not specify another reference exchange rate; cf. Article 29 of the Act on the Central Bank of Iceland, no. 92/2019, and it fixes the official exchange rate index at the same time. The exchange rate is listed at 14:15 hrs. Central European Time (CET) each day regulated foreign exchange markets are generally open. The reference exchange rate is published on the Bank’s website each business day at 16:00 hrs. Icelandic time. Under exceptional circumstances, the Central Bank may temporarily suspend its own quotation of the exchange rate of the króna.

The Bank’s official reference exchange rates are not intended for direct or indirect use in market transactions or in business transactions with financial institutions. They are indicative rates published solely for information purposes and to comply with statutory requirements.

Since 31 August 2020, the Central Bank of Iceland has fixed the official reference exchange rate of the króna at 14:15 hrs. Central European Time (CET), in line with the practice in neighbouring countries. The reference exchange rate is published on the Bank’s website each business day at 16:00 hrs. Icelandic time and not at 11:00 hrs., as before.

Since 1 April 2020, the Bank has published only the mid-rate of all currencies included in its listing. This mid-rate is the official reference exchange rate. The publication of buying and selling rates for currencies was discontinued at that time. This is consistent with the practice of central banks in comparison countries. A press release on the Central Bank of Iceland’s exchange rate listing can be found on the Bank's website.

Exchange rates for currencies other than those posted on the Central Bank website can be found on many websites, such as oanda.com. The Central Bank of Iceland cannot be held liable for information found on such websites or for use of such information; furthermore, the Bank wishes to remind the reader of the general disclaimer concerning the reliability of data on the internet, which can be found on the Copyright and disclaimer page on this website.

On 1 February 2018, the European Central Bank (ECB) resumed its listing of the exchange rate of the Icelandic króna, after having discontinued it on 3 December 2008. The listing can be found on the ECB website.

The Central Bank of Iceland has decided to suspend its publication of an official exchange rate for the Russian rouble (RUB) against the Icelandic króna. The reason for the decision is that the ECB has stopped listing the exchange rate of the rouble versus the euro, owing to prevailing conditions in the relevant market, and the exchange rate of the Icelandic króna versus the rouble has been based on the ECB listing.

On 1 January 1999, the euro became an official currency, but without issuance of banknotes and coin, in 11 European countries: Germany, France, Spain, Portugal, Austria, Ireland, Finland, the Netherlands, Belgium, Luxembourg, and Italy. Greece joined this group at the beginning of 2001. These countries’ national currencies were used until year-end 2001, and euro-denominated banknotes and coin were issued to replace them at the beginning of 2002. Since the beginning of 1999, the share of each national currency vis-à-vis the euro has been fixed. On 1 July 2002, the Central Bank of Iceland discontinued its formal official listing of these countries’ currency exchange rates, and concurrent with the publication of a press release to this effect, the Bank published coefficients to be used to calculate the exchange rates of these older currencies versus the euro.

The Central Bank discontinued its official exchange rate listing for the following currencies on the dates indicated:

• Maltese lira – 1 January 2008
• Estonian kroon – 1 January 2011
• Latvian lats – 1 January 2014
• Lithuanian litas – 1 January 2015
• Venezuelan bolivar – 2 June 2018
• Croatian kuna – 2 January 2023

Correction, 30 December 2022

XDR exchange rate: At the beginning of August 2022, the shares of currencies underlying special drawing rights (XDR) with the International Monetary Fund (IMF) were changed. Accordingly, the daily exchange rate of the XDR versus the Icelandic króna has been corrected retroactively for the period from 2 August until 8 December 2022. The next change in XDR ratios is scheduled for July 2027.

6 January 2009

TWI: The Bank stopped publishing the trade-weighted exchange rate index (TWI) at the beginning of 2009.