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Interbank Market for Foreign Exchange

Databank

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.

Upcoming events

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interbank market for foreign exchange
08 April
9:00
Interbank Market for Foreign Exchange
Frequency: Monthly - March 2026
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interbank market for foreign exchange
06 May
9:00
Interbank Market for Foreign Exchange
Frequency: Monthly - April 2026
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Statistics
TitleFrequencyNewestPeriodNextCategoryGagnabanki
Payment intermediationMonthlyMarch 17February 2026April 17Markets
Insurance companiesMonthlyMarch 17January 2026April 17Monetary and financial statistics
Securities offeringsMonthlyMarch 17Febrary 2026April 17Markets
International reservesMonthlyMarch 10February 2026April 14Balance of payments
Balance sheet of the Central BankMonthlyMarch 6February 2026April 10Monetary and financial statistics
Pension fundsMonthlyMarch 6January 2026April 10Monetary and financial statistics
Real exchange rateMonthlyMarch 6February 2026April 10Markets
Financial accounts of financial corporationsQuarterlyMarch 6Q4/2025June 8Monetary and financial statistics
Balance of paymentsQuarterlyMarch 5Q4 2025June 4Balance of payments
External debtQuarterlyMarch 5Q4 2025June 4Balance of payments
International investment positionQuarterlyMarch 5Q4 2025June 4Balance of payments
Interbank Market for Foreign ExchangeMonthlyMarch 4February 2026April 8Markets
Interbank Market for Icelandic KronurMonthlyMarch 4February 2026April 8Markets
Government credit fundsMonthlyFebruary 27January 2026March 27Monetary and financial statistics
Other financial corporationsMonthlyFebruary 27January 2026March 27Monetary and financial statistics
Mutual funds, investment funds and institutional investment fundsMonthlyFebruary 27January 2026March 27Monetary and financial statistics
Portfolio investmentMonthlyFebruary 27January 2026March 30Balance of payments
Market securitiesMonthlyFebruary 27January 2026March 31Markets
Monetary statisticsMonthlyFebruary 25January 2026March 25Monetary and financial statistics
Direct investmentAnnualSeptember 192024March 20Balance of payments

News regarding interbank market for foreign exchange

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