krónan

The krónan is the official currency of Iceland. Its ISO 4217 code is ISK. The name "krónan" translates to "crown" in English, a common name for currencies in Nordic countries. The krónan is subdivided into 100 aurar, though coins in denominations smaller than one króna are no longer in circulation. The Central Bank of Iceland is responsible for issuing the currency and managing its supply.

The krónan has experienced periods of significant volatility, particularly in relation to major economic events and fluctuations in the global financial markets. Iceland's economy is heavily influenced by sectors such as tourism, fishing, and aluminum production, which can impact the króna's exchange rate. The currency is used for all domestic transactions within Iceland. Travelers visiting Iceland will need to exchange their currency for Icelandic krónur to make purchases. ATMs are widely available in urban areas, and credit and debit cards are accepted in most establishments.