It is difficult to say with any certainty by how much the Icelandic krona will depreciate in value, if at all, when it is re-floated, according to Gylfi Zoega, head of the economics department at the University of Iceland. It is likely the currency will be floated before the New Year. Read the full story

PRESS RELEASE FROM THE CENTRAL BANK OF ICELAND:

Because of the unusual circumstances that arose in the Icelandic banks’ operations in October, interbank transactions in foreign currency were interrupted. The three commercial banks had previously acted as market makers in that market in accordance with regulatory provisions on bid frequency, price formation, and other issues. Read the full story