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 exchange
 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 currencies
 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 uniformly
 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 introduced
 in Iceland by law of 1907, and made compulsory from the 1s
of January 1912.