Iceland Economic Information
Central Bank: Central Bank of Iceland
Currency: Icelandic krona (ISK or Ikr)
With a population of only 300,000, Iceland is one of the smallest economies to have its own currency. It also has one of the highest GDP per capita in the world. Iceland's economy depends heavily on exports, primarily from the fishing industry, which accounts for 70% of export earnings. While volatile, the Icelandic krona is popular with currency investors attracted by the high interest rates set by the Central Bank to help control inflation.
Key industries:
Fish processing, aluminum smelting, ferrosilicon production, geothermal power and tourism.
Agricultural products:
Potatoes, green vegetables, mutton, dairy products and fish.
Export commodities:
Fish and fish products, aluminum, animal products, ferrosilicon and diatomite.
Import commodities:
Machinery and equipment, petroleum products, foodstuffs and textiles.
Historical foreign currency exchange rates
 Downward Trend |
 Upward Trend |
| Source: These exchange rates are interbank rates as published by Interactive Data as of . These rates were not available to retail customers and were not the rates offered by EverBank®. Past performance does not guarantee future results. |
A few factors to consider when evaluating the Icelandic krona:
Reasons to consider
- Iceland's high interest rates, used to help curb inflation, make the krona a popular speculative currency for investors.
- Currently using imported oil for 38% of its energy, Iceland plans to reduce this dependency to zero by using geothermal energy. Almost 90% of homes are heated by geothermal energy. Additionally, Iceland is committed to becoming the first country to shift to a hydrogen energy economy by 2030.
- While still primarily dependent on the fishing industry, Iceland's economy has also started diversifying into manufacturing, service, software, biotechnology and financial industries.
Risk factors to consider
- As an emerging market, Iceland's economy and the value of the krona can be susceptible to the fluctuation of global risk aversion.
- Due to its small economy and inflationary issues, the Icelandic krona tends to be very volatile in the global markets.
How EverBank can help with your Icelandic krona needs?
WorldCurrencySM CDs (Single-currency CDs): Earn interest rates at local rates in the currency of your choice.
I'm interested in opening a WorldCurrencySM account, what is my next step?
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