RealNews

Nordic central banks act to support Icelandic currency

The Icelandic central bank struck a deal with the central banks of Sweden, Norway and Denmark on Friday that allows it to buy euros with Icelandic kronur, giving strong support to the island’s beleaguered currency. Each swap arrangement is for as much as €500 million, or $774 million, but analysts said it was not the amount that mattered but the deal itself, which underlined how the Icelandic central bank, the Sedlabanki, was actively working on ways to support the currency. Full Story

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