Revised currency baskets 2015
The weights of currencies in the baskets used to calculate the broad and narrow merchandise- and trade-weighted indices have been updated. The weights are determined based on Iceland’s external trade in 2014. The last review was carried out at the beginning of 2015. The tables show the new baskets and the changes resulting from the review. The revised baskets will be used as of 1 January 2016 and will remain in use until the next annual review.
The weights are determined based on the composition of Iceland’s external trade during the previous year. The aim is that the baskets reflect as closely as possible the composition of Iceland’s external trade in goods and services. Currency selection is based on the three-year average of a country’s share in Iceland’s goods and services trade. The main changes from the previous baskets are as follows:
Narrow merchandise (A), narrow services (C), and narrow trade basket (E):
-No change in currencies
Broad merchandise (B), broad services (D), and broad trade basket (F):
-No change in currencies
In the merchandise trade baskets, the weight of the British pound, Danish krone, and the Russian ruble has increased most, while the weight of the euro, Brazil real, and Chinese yuan has decreased. The most significant changes in the services basket are as follows: the weight of the US dollar, euro, pound sterling, Swiss franc, and Canadian dollar has increased, while the weight of the Singapore dollar decreases, along with somewhat diminishing shares of the Norwegian krone and the Saudi Arabian real. The trade baskets reflect these changes to a large degree. The weight of the pound sterling and the US dollar have increased most, although the weight of the Danish krone has increased somewhat. The weight of the euro, the Singapore dollar, and the Brazil real has declined somewhat between years.
The tables showing the new baskets and the changes from the previous baskets can be found here:
Currency baskets 2015 (Excel file)
Currency baskets 2015 (PDF file)