Revised currency baskets 2012
The weights of currencies in the baskets used to calculate the broad and narrow merchandise- and trade-weighted indices have been updated. The weights are determined based on Iceland’s external trade in 2011. The last review was carried out in January 2012. The revised baskets will be used as of 1 January 2013 and will remain in use until the next annual review.
The weights are determined based on the composition of Iceland’s external trade during the previous year. The aim is that the baskets reflect as closely as possible the composition of Iceland’s external trade in both goods and services. The main changes from the previous baskets are as follows:
Narrow merchandise (A) and narrow trade basket (C):
- The Nigerian Naira is added to the baskets.
- The Australian Dollar is excluded from the baskets.
Broad merchandise (B) and broad trade basket (D):
- The Indian Rupee is added to the baskets.
- The Suriname Dollar is excluded from the baskets.
- Jamaican Dollar is excluded from the baskets.
The most significant other change in the merchandise trade baskets is that the weight of the Euro, the Brazilian Real, the Danish and the Swedish krone and the British Pound diminishes somewhat, especially the weight of the Euro, whereas the weight of the Norwegian krone, Russian Rouble and the US Dollar increases somewhat. In the trade baskets the most significant other change is the same as in the merchandise trade baskets, but in addition the weight of the British Pound diminishes somewhat, as the weight of the British Pound in the service trade baskets decreases significantly.
The tables showing the new baskets and the changes from the previous baskets can be found here:
Currency baskets 2012 (Excel file)
Currency baskets 2012 (pdf)