MONEY, WEIGHTS, AND MEASURES 
MONEY 
Iceland is in the Scandinavian Monetary Union. The monetary unit 
's called kréna (pl. krénur), and divided into 100 aurar (singul. eprir). 
The relation beiween krénur and English and American monetary 
units is as follows (par exchange): £ 1 = 18.16 krénur; 1 dollar 
— 3.73 kronur. 
Exchange rates. The Great War occasioned differences in the ex- 
change of Scandinavian currencies. The Icelandic kréna followed the 
fluctuations of the Danish Krone up to the beginning of 1920, but 
trom the latter half of that year to the middle of June 1922 it was 
quoted (though not officially) independently of the Danish Krone and 
at a lower rate. About the middle of June 1922, when foreign cur- 
rencies began to be officially quoted in Reykjavtk, a pound sterling was 
equivalent to 26.50 krénur, a United States dollar, to 6.03 kr., while 
some three years later, in October 1925, their respective values had 
come down to 22.15 kr. and 4.58 kr. And as the pound has remained 
at this level to the present day, the gold value of the kréna has uni- 
formly been about 82 per cent. of its face value during the last four 
years. 
WEIGHTS AND MEASURES 
The infernational mefric system of weights and measures was intro- 
duced in Iceland by law of 1907, and made compulsory from the 1s 
of January 1912.