18/03/2020: COVID-19 pandemic impact
The Australian dollar experienced a sharp decline due to the global economic impact of the COVID-19 pandemic and uncertainty in financial markets.
15/11/2018: New Currency Notes Introduced
Iceland released updated banknotes and coins featuring improved security measures and new designs, modernizing the Krona's physical appearance.
15/03/2015: Capital Controls Lifted
Iceland lifted its capital controls, implemented after the financial crisis, allowing for more flexible foreign exchange transactions.
13/10/2011: Record high exchange rate
The Australian dollar reached a record high exchange rate of above $1.10 against the US dollar, driven by strong commodity demand and high interest rates.
14/11/2010: IMF Loan Approved
Iceland secured a $2.1 billion loan from the International Monetary Fund, stabilizing the Krona and aiding economic recovery.
06/10/2008: Global Financial Crisis
The Australian dollar experienced a significant decline due to the impact of the global financial crisis, reaching a low point of around $0.60 against the US dollar.
06/10/2008: Financial Crisis Begins
The collapse of Icelandic banks and subsequent financial crisis severely devalued the Krona, leading to economic turmoil.
30/06/1996: Introduction of the polymer banknotes
Australia introduced polymer banknotes, replacing the paper-based banknotes, enhancing their durability and security features.
08/03/1983: Floating of the Australian dollar
The Australian dollar was fully floated and allowed to fluctuate freely on the foreign exchange market, leading to increased volatility.
05/03/1981: Stock Exchange Established
The Icelandic Stock Exchange was founded, promoting economic growth and affecting the Krona's value.
12/12/1971: End of the fixed exchange rate
Australia shifted from a fixed exchange rate to a flexible exchange rate, allowing market forces to determine the value of the Australian dollar.
13/02/1966: Decimalisation of the Australian currency
Australia adopted decimal currency, replacing the pound with the Australian dollar, symbol 'A$'.
10/05/1940: Occupation of Iceland
Following the German occupation of Denmark, Iceland became occupied by British forces, impacting the currency's stability.
01/01/1922: Currency Board Established
The Icelandic Krona was introduced under the Danish Krone pegged to 1 Krone = 100 aurar.