The Central Bank of Iceland has revealed that it is considering replacing the 500 kroner banknote with a coin and discontinuing the 1, 5 and 10 kroner coins, the three lowest value coins in its series.
The Bank’s annual report published last week explained that due to the fact that inflation has remained at a historical high, it has been necessary to make the value of notes and coins higher.
As at the 31 March 2014 there were an estimated 2.5 million 500 kroner notes in circulation, making it the third most common note. However, their total value contributed to just 3% of the total value of banknotes in circulation.
Source: IceNews
