Official exchange rate
Changes in exchange rate listing
From 31 August 2020 onwards, the Central Bank of Iceland will fix the official reference exchange rate of the króna at 14:15 hrs. Central European Time (CET)*, in line with the practice in neighbouring countries. The reference exchange rate will then be published on the Bank’s website each business day at 16:00 hrs. Icelandic time and not at 11:00 hrs., as before. The Central Bank wishes to emphasise that currency exchange rates are published solely for information purposes and in satisfaction of legal requirements.
From 1 April 2020 onwards, the Bank will publish only the mid-rate of all currencies included in its listing, and this mid-rate will be the official reference exchange rate. Publication of the buying and selling rates will be discontinued. This is consistent with the practice of central banks in comparison countries. See the Bank’s news release dated October 9, 2019.
Official exchange rate
The above-specified reference exchange rates are not intended for direct use in market transactions or in business transactions with financial institutions. They are indicative rates published solely for information purposes and to comply with statutory requirements.
The exchange rate of the Icelandic króna is determined in the foreign exchange market, which is open between 9:15 hrs. and 16:00 hrs. on weekdays. Once a day, the Central Bank of Iceland fixes the official exchange rate of the króna against foreign currencies, for use as a reference in official agreements, court cases, and other contracts between parties that do not specify another reference exchange rate; cf. Article 19 of the Act on the Central Bank of Iceland, and fixes the official exchange rate index at the same time. This is done between 10:45 hrs. and 11:00 hrs. each morning that regulated foreign exchange markets are in operation. Under extraordinary circumstances, the Central Bank may temporarily suspend its quotation of the exchange rate of the króna.
As of February 1, 2018, the Icelandic króna is again among the currencies for which the European Central Bank quotes a daily reference rate. The ECB had not quoted a rate for the króna since 2008. The foreign exchange reference rates of the ECB are available here.
Exchange rates of other currencies can be found on a number of websites, including oanda.com. The Central Bank of Iceland cannot be held liable for information found on such websites or for use of such information; furthermore, the Bank wishes to remind the reader of the general disclaimer concerning the reliability of data on the internet, which can be found on the Copyright and disclaimer page on this website.
Information on currency exchange rates is also available in XML format.