Official exchange rate
The Russian rouble publication suspended
The Central Bank of Iceland has decided to suspend its publication of an official exchange rate for the Russian rouble (RUB) against the Icelandic króna. The reason for this decision is that the European Central Bank (ECB) has suspended its publication of the EUR/RUB exchange rate because of the current situation. The exchange rate of the króna versus the rouble has been based on the ECB reference rate.
The announcement from the ECB can be found here.
(This is published 9 March 2022)
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.
Correction: June 1, 2012
Because of a malfunction in the Central Bank of Iceland’s market information system, the Bank’s exchange rate was incorrectly listed on 1 June 2012. It proved necessary to post the exchange rate again, and the corrected information appeared on the Bank’s website about 50 minutes after the first listing. The difference was small, or 26 aurar (0.26 krónur) in the exchange rate of the euro, and a similar amount for other currencies. The Central Bank apologises for this error.
Correction: February 16, 2011
Due to flaws in software, the central exchange rate of several currencies was incorrectly recorded during the period from 13 January 2011 through 14 February 2011. The currencies affected are the Chinese yuan (CNY), the Taiwan dollar (TWD), the South Korean won (KRW), the Surinamese dollar (SRD), the Indian rupee (INR), the Brazilian real (BRL), and the Jamaican dollar (JMD). The exchange rates of these currencies have been changed in the Central Bank of Iceland’s exchange rate database. The difference was greatest on 2 February 2011, when the difference between the recorded exchange rate and the correct rate measured about 5.8%. As an example of the error on that date, the yuan (CNY) was recorded at ISK 1 higher than it should have been.
It should be noted that the recorded exchange rate of these currencies is not the official reference exchange rate in the sense of Article 19 of the Act on the Central Bank of Iceland, no. 36 of 22 May 2001; cf. the news release dated 1 December 2006. The Central Bank records the central exchange rate of the above currencies primarily for information purposes for the website’s users. Nonetheless, the Central Bank strongly emphasises the presentation of correct information on currency exchange rates, and it will make all due effort to enhance the reliability of these data in the future.
The Bank has also corrected weighted exchange rates, although the effect of these currencies on weighted indices is very limited. For example, the difference in the narrow trade-weighted index for 2 February 2011 was -0.169%. The changes made reduce the index from 213.986 to 213.624.
January 6, 2009:
The Central Bank of Iceland discontinued the publication of the Exchange Rate Index (the trade-weighted index, TWI) at year-end 2008, as was announced in the Bank’s news release no. 43/2006, dated November 30, 2006, and its statement on the updating of currency baskets and the introduction of new exchange rate indices (see: Updating of currency baskets and the introduction of new exchange rate indices). See also the Bank’s news release no. 1/2009, dated January 6, 2009.