Editing Icelandic króna (section)

===2008 financial crisis===
[[File:EUR against ISK 2000-2009.png|thumb|Exchange rate ISK per euro from 2000 to mid-2010]]
{{Main|2008–2011 Icelandic financial crisis}}

In October 2008, the [[2008 financial crisis]] led to a collapse of the Icelandic banking sector. The value of the Icelandic krona dropped, and on 7 October 2008 the Icelandic Central Bank attempted to peg it at 131 against the euro.<ref>Mason, Rowena. [https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/3154116/Financial-crisis-Iceland-nationalises-bank-and-seeks-Russian-loan.html "Financial crisis: Iceland nationalises bank and seeks Russian loan"]. ''[[The Daily Telegraph]]''. 8 October 2008.</ref> This peg was abandoned the next day.<ref>{{cite news| url=https://www.bloomberg.com/apps/news?pid=20601087&sid=ahAQVJ69AmOc&refer=home | work=Bloomberg | title=Iceland May Ask for IMF Loan as Well as Borrowing From Russia | date=8 October 2008}}</ref> The krona later dropped again and to 340 against the euro before trade in the currency was suspended<ref>Brogger, Tasneem; Einarsdottir, Helga Kristin. [https://www.bloomberg.com/apps/news?pid=20601087&sid=aVFtDRGwcc50&refer=home&refer=europe "Icelandic Shoppers Splurge as Currency Woes Reduce Food Imports"]. [[Bloomberg, L.P.]] 13 October 2008.</ref> (by comparison, the rate at the start of 2008 was about 90 krona to the euro<ref>[http://www.ecb.int/stats/exchange/eurofxref/html/eurofxref-graph-isk.en.html Historical EUR/ISK exchange rate graphs], European Central Bank</ref>). After a period of tentative, very low-volume international trading in the krona, activity had been expected to pick up again throughout November 2008, albeit still with low liquidity, as Iceland secured an [[International Monetary Fund]] loan.<ref>[https://www.theguardian.com/business/feedarticle/7993351 Iceland crown international trade seen restarting soon], ''Guardian''/Reuters, 6 November 2008</ref> However, as of January 2009 the krona was still not being traded regularly, with the [[European Central Bank]] (ECB) reference rate being set only intermittently, the last time on 3 December 2008 at 290 krona per euro.<ref>{{cite web|url=http://www.ecb.int/stats/exchange/eurofxref/html/index.en.html|title=Euro foreign exchange reference rates|website=European Central Bank|access-date=2 April 2018}}</ref>

The Icelandic krona similarly fell in value against the US dollar, from around 50 to 80 per dollar to about 110–115 per dollar; by mid-November 2008 it had continued to lower to 135 to the dollar. As of 2 April 2009, the value hovered around 119 per dollar, roughly maintaining that value over the next two years with 23 March 2011, prices around 114 per dollar.<ref>{{cite web|url=https://finance.yahoo.com/quote/USDISK=X/|title=USDISK=X : Summary for USD/ISK - Yahoo Finance|website=yahoo.com|access-date=2 April 2018}}</ref> With this, the previously high costs for foreign traders and tourists dropped, which Iceland's trade and tourism industry undertook to exploit.<ref>{{Cite web |url=http://www.icelandtouristboard.com/dateline/jan09/email.html |title=Archived copy |access-date=2009-03-30 |archive-url=https://web.archive.org/web/20110203144002/http://www.icelandtouristboard.com/dateline/jan09/email.html |archive-date=2011-02-03 |url-status=dead }}</ref> In July 2008, a [[Big Mac Index|Big Mac]] cost the equivalent of nearly US$6, versus $3.57 in the US.<ref>{{cite news|url=https://www.economist.com/node/11793125|title=Sandwiched|date=2008-07-24|newspaper=The Economist|access-date=2 April 2018}}</ref>