Data on turnover for the interbank foreign exchange market are updated each business day at 17:00 with a two-day time lag.
The data are available on a daily frequency since January 2009.
The latest data is preliminary.
Inquiries can be sent to support@sedlabanki.is
More detailed data for the foreign exchange market can be found in the Databank.
Interbank Market for Foreign Exchange
Data for interbank market for Foreign Exchange are collected with the aim of monitoring turnover in the interbank foreign exchange (forex) market and the Central Bank’s intervention in that market.
Foundation in law
The foundation in law for data collection is based on the Central Bank of Iceland´s Rules on trading in the Interbank Market for foreign exchange, No, 600/2020 (in Icelandic), based on Article 27 of the Act of the Central Bank of Iceland, no. 92/2019 (in Icelandic) and the Act on foreign exchange No. 70/2021.
Interbank Market for Foreign Exchange
There are daily reportings to the Central Bank of Iceland on transactions on the interbank market. Interbank market agents report daily to the Central Bank on their foreign currency transactions; therefore, total purchases should equal total sales in the interbank market at any given time.
The exchange rate of the Icelandic króna is determined in the foreign exchange market. The Central Bank and the financial companies that act as market makers are entitled to participate in the foreign exchange market.
Revision of data
Data are revised if a reporter corrects previously submitted data and provides explanations for such corrections. Revised data are labelled as such until the following release date.
Interbank market
The interbank market is divided into the interbank market for krónur (ISK) on the one hand, and the interbank market for foreign exchange on the other hand.
Interbank market in krónur (krónur market)
A market for short-term loans between market participants. Market participants shall quote interest rate bids for lending and borrowing in the market no less frequently than every 10 minutes. The market lending rate is called REIBOR (Reykjavik Interbank Offered Rates) and the deposit rate is called REIBID (Reykjavik Interbank Bid Rate). The contractual term of loans in the interbank market for krónur can be overnight (ON), weekly (SW), one month (1M), three months (3M) and six months (6M).
Participants in the interbank market for krónur send notifications of contracts to the Central Bank as soon as they have taken place. The data is therefore based on actual transactions in real time between parties.
Interbank market for foreign exchange
The exchange rate of the Icelandic króna (ISK) is determined in the foreign exchange market. Financial companies who act as market makers are entitled to participate in the FX market, together with the Central Bank. Market makers can be entities that have an unrestricted operating licence for foreign exchange trading. The interbank market for foreign exchange is open from 9:15 AM to 4:00 PM each business day.