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Iceland to Issue Ten Thousand Króna Bank Note

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Iceland to Issue Ten Thousand Króna Bank Note

Central Bank governor Már Guðmundsson revealed at the bank’s general meeting last week that a 10,000 Icelandic króna bank note will be issued next year. Currently, the highest bank note in the Icelandic currency is the 5,000 króna bill.

mar-gudmundsson01_go

Már Guðmundsson. Photo by Geir Ólafsson.

Preparations have begun and the goal is for the note to be taken into use in the autumn of 2013, Fréttablaðið reports.

Már said in his speech that cash is still an important means of payment in Iceland and that its importance has been growing in past months.

“For many years the percentage of cash in circulation in ratio with gross domestic product was around one percent but it has now increased to two and a half percent,” he stated.

The new 10,000 króna bill will have other and improved safety features than older bank notes. It will have decorations related to national poet Jónas Hallgrímsson, as well as a picture of the golden plover.

ESA

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