Revised currency baskets 2007
The Central Bank of Iceland has revised the weights of currencies in the baskets that the Bank uses to calculate the broad and narrow merchandise and trade indexes. The weights are determined on the basis of Iceland's external trade in 2006. The last review was made in December 2006. Revised currency weights and the changes from the previous weights are shown in the accompanying tables. The revised baskets will be used to calculate changes in the exchange rate index as of December 3rd, until the next review at a similar time next year.
The weights are determined on the basis of the composition of Iceland's external trade during the previous year. The aim is for the baskets to reflect as closely as possible the composition of Iceland's external trade in both goods and services. Main changes from the previous baskets are the following:
Narrow merchandise (A) and narrow trade basket (C):
- The Russian ruble and the Estonian krona drop out.
- The Lithuanian litas is added to the baskets.
Broad merchandise (B) and broad trade basket (D):
- The Turkish lira and the Czech krona are added to the baskets.
Publication of the current official exchange rate index will be discontinued. However, it will continue to be calculated until the end of 2008 on the basis of the current basket, which took effect in July 2005.
The tables showing the new baskets and the changes from the previous baskets can be found here:
Currency baskets 2007 (Excel file)
Currency baskets 2007 (Pdf file)