15 August 2003

Withdrawal of coin denominated in aurar

The lowest denomination of Icelandic currency is the eyrir
 (pl. aurar), which is one hundredth of a króna.

Regulation no. 673/2002 provides that the following three denominations of coin shall be withdrawn from circulation: 5 aurar; issued 1981; 10 aurar, issued 1981; and 50 aurar, issued 1981 and 1986. This means that all coin denominated in aurar will be withdrawn.

All commercial banks and savings banks are obliged to accept these coins until October 1, 2003 in exchange for money which is not being withdrawn. Furthermore, the Central Bank of Iceland will exchange the above coin for at least 12 months thereafter, i.e. until October 1, 2004.

Coin denominated in aurar will remain legal tender until October 1, 2003.


August 15, 2003