Icelandic Króna (ISK)
a.k.a. ISK, Króna
Iceland's currency, code ISK, famous for its collapse during Iceland's 2008 banking crisis.
In plain English
Iceland's currency, code ISK, famous for its collapse during Iceland's 2008 banking crisis.
Before 2008, high Icelandic interest rates made the króna a carry-trade darling. When Iceland's oversized banks collapsed in the financial crisis, the currency crashed and capital controls stayed in place for years.
It is a small, thinly traded currency and a cautionary tale of how fast carry trades unwind.
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