Janu­ary un­event­ful in the Iceland­ic FX market

January was uneventful on the Icelandic FX interbank market. The EUR was stable within a rather narrow limit, with both turnover and fluctuation declining between months. The CBI continued its regular programme of currency sales.
4 February 2021 - Landsbankinn

At year-end 2020, the EUR stood at ISK 156.1. The EUR was stable within a rather narrow limit in January, ending the month at the same value as it began, or 156.1. As a result of exchange rate movements within currencies, the USD and GBP increased in terms of ISK in January, as both currencies appreciated against the EUR during the month.

Turnover in the FX interbank market in January was ISK 32.5 bn (EUR 208 m) and contracted by 61% between months. Of that amount, the CBI’s share was ISK 14.6 bn (EUR 93 m), representing 45% of total turnover. In addition to its regular sale programme of EUR 3 m per business day, the CBI intervened in the market once in January, selling foreign currency for ISK 4.7 bn (EUR 30 m) on 27 January. The CBI has announced its intention of continuing its regular sale programme until the end of February.

January uneventful in the Icelandic FX market (pdf)

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