Revised currency baskets 2011
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 2010. The last review was carried out in January 2011. The revised baskets will be used as of 1 January 2012 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 Brazilian real is added to the baskets.
Broad merchandise (B) and broad trade basket (D):
- The South Korean won is excluded from the baskets.
The most significant other change in the merchandise trade baskets is that the weight of the British pound and the Swedish krone and Norwegian krone diminishes somewhat, especially the weight of the Norwegian krone, whereas the weight of the euro and the Brazilian real 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 Danish krone increases somewhat, as the weight of the Danish krone in the service trade baskets increases significantly.
The tables showing the new baskets and the changes from the previous baskets can be found here:
Currency baskets 2011 (Excel file)
Currency baskets 2011 (pdf file)