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. The exchange rate of the Icelandic króna is determined in the foreign exchange market, which is open between 9:15 hrs. They are indicative rates published solely for information purposes and to comply with statutory requirements. The above-specified reference exchange rates are not intended for direct use in market transactions or in business transactions with financial institutions. See the Bank’s news release dated October 9, 2019.

This is consistent with the practice of central banks in comparison countries. Publication of the buying and selling rates will be discontinued.

The Central Bank wishes to emphasise that currency exchange rates are published solely for information purposes and in satisfaction of legal requirements.įrom 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. Icelandic time and not at 11:00 hrs., as before. The reference exchange rate will then be published on the Bank’s website each business day at 16:00 hrs. Central European Time (CET)*, in line with the practice in neighbouring countries. The announcement from the ECB can be found here.įrom 31 August 2020 onwards, the Central Bank of Iceland will fix the official reference exchange rate of the króna at 14:15 hrs. The exchange rate of the króna versus the rouble has been based on the ECB reference rate. 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 Central Bank of Iceland has decided to suspend its publication of an official exchange rate for the Russian rouble (RUB) against the Icelandic króna.

All country currency rate