According to the National Treasury of Iceland, locally known as Seðlabanki Ísland, the Euro (EUR) has reached over 180 Icelandic kronur. The exchange rate index is now at 233.23 according to the National Treasury. The krona decreased about 1 perfect yesterday and even less this morning. The Pound is now at 208kr, Danish krone is at 24kr, and the US dollar is at 130kr.
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Dear Matt,
I tell you what. A lot of people cares. Icelanders aside, there is a whole lot of people who invested in Iceland along the years and are now stuck with Iceland Kronas in their hands.
For the lucky people who haven’t lost all their savings in the Icelandic financial debacle, to know what will be the future of the ISK is vital.
In other words, I would personnaly like to know when I would be able to change this rotten money into a more stable currency. 2, 5 or 10 years from now?
Who cares! Iceland is pretty much a unheard of country anyway! What kind of currency could a population of 300,000 do against the dollar or euro? What is the point of me even wasting my time commenting on this? Ask any wall street trader what they know about Iceland….chances are not much.
I expect it will go as high as 200 before stablize 175-180 in next years. But it is unhealthy to keep these capital control. Know why there are there, but still need to see then gone asap.
But only if government get the banks recapitalized and foreign bond holder paid will we see such a rate.
Later with oil and gas taxation beginning to come within 3 year assuming those banks and foreign bond holder things are done can expect 155 range again.
If accept current IceSave ” terms” 5.5%/7 years interest then capital repayment however country will be dead in water within 5 year.
What is the real rate now? Yahoo still indicates 314, I would expect that to be the eventual stable level.
This is a sad news. I believe investors are still nervous over the monetary policy committee’s decision towards the removal of capital account restrictions, which are due to begin this fall.
We’re talking about 200 to 300 billions ISK held by foreign investors. Enough to deepen Iceland and its currency somewhere beyond imagination if we see it fly away.
What worries me a bit is that off-shore and on-shore transactions are getting closer everyday. If they’re meant to be the same in the near future we could very well see an EURISK at 220.
Again, without starting the debat about the EU, the adoption of the euro is the only way to solve Iceland’s major economy crisis. I am not mentioning an adoption of any other stable currency because that would be a political faux pas if you ask me.
My god!
What do you think?
Will the kronas have a limit?
I wonder what the ISK would be worth if the currency restrictions were removed now, ie it’s true value…
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In my opinion the Iceland has more profit that the kronur against euro or other currencies are getting at the same level as in january 2008, namely isk/eur 98,67
Than Icelanders with an loan in foreign currencies can pay their debts with much less isk.
The Icelandic Government can lend foreign currencies much more favourable to pay off their obligations. Moreover the isk is much more worth outside Iceland.