Value of 1963 Icelandic Kronur today

kr100 in 1963

kr248,095.44 in 2018

The inflation rate in Iceland between 1963 and today has been 247,995.44%, which translates into a total increase of kr247,995.44. This means that 100 kronur in 1963 are equivalent to 248,095.44 kronur in 2018. In other words, the purchasing power of kr100 in 1963 equals kr248,095.44 today. The average annual inflation rate has been 17.69%.

Inflation timeline in Iceland (1963-2018)

The following chart ilustrates the equivalence of kr100 throughout the years due to inflation and CPI changes. All values are equivalent in terms of purchashing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (ISK) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (1963-2018) 240,806.94%
Total Inflation* 247,995.44%
Annual inflation avg. (1963-2018) 18.02%
Annual inflation avg.* 17.69%
CPI 1963 0.04
CPI 2018 104.48
CPI today* 107.6
kr1 in 1963 kr2,409.07 in 2018

* Values extrapolated from the last official data to obtain today's values.

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the compound interest formula or the Consumer Price Index (CPI) formula.

Using the compound interest formula

Given that money changes in time as a result of an inflation rate that acts as a compound interest, the following formula can be used: FV = PV (1 + i)n, where:

  • FV: Future Value
  • PV: Present Value
  • i: Interest rate (inflation)
  • n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are kr100 worth today. There are 55 years between 1963 and 2018 and the average inflation rate has been 17.685%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.18)55 = kr240,906.94

Using the CPI formula

When the CPI for both start and end years is known, the following formula can be used:

Final value = Initial value *
CPI final/CPI initial

In this case, the CPI in 1963 was 0.04 and the CPI today is 107.6. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
104.48/0.04
= kr240,906.94

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1963 kr2,480.95 kronur today
kr5 kronur in 1963 kr12,404.77 kronur today
kr10 kronur in 1963 kr24,809.54 kronur today
kr50 kronur in 1963 kr124,047.72 kronur today
kr100 kronur in 1963 kr248,095.44 kronur today
kr500 kronur in 1963 kr1,240,477.18 kronur today
kr1,000 kronur in 1963 kr2,480,954.37 kronur today
kr5,000 kronur in 1963 kr12,404,771.84 kronur today
kr10,000 kronur in 1963 kr24,809,543.67 kronur today
kr50,000 kronur in 1963 kr124,047,718.36 kronur today
kr100,000 kronur in 1963 kr248,095,436.72 kronur today
kr500,000 kronur in 1963 kr1,240,477,183.58 kronur today
kr1,000,000 kronur in 1963 kr2,480,954,367.16 kronur today

Value of Krona in time (by year)

Period Value
1963 100
1964 115.87
1965 130.95
1966 142.86
1967 154.76
1968 165.87
1977 1,131.91
1978 1,509.21
1979 2,102.11
1980 3,287.92
1981 5,120.53
1982 7,653.84
1983 12,289.26
1984 21,667.9
1985 25,764.32
1986 35,035.17
1987 39,778.39
1988 49,480.45
1989 59,667.58
1990 74,705.75
1991 80,095.78
1992 86,132.62
1993 87,392.78
1994 91,526.87
1995 92,007.57
1996 93,834.25
1997 95,757.08
1998 97,776.06
1999 98,929.76
2000 104,409.83
2001 108,832.37
2002 118,228.03
2003 120,582.55
2004 123,926.59
2005 128,733.68
2006 134,021.48
2007 143,443.36
2008 151,807.68
2009 179,350.03
2010 192,775.17
2011 197,562.57
2012 207,929.67
2013 216,668.75
2014 225,639.26
2015 227,504.86
2016 232,088.85
2017 236,482.68
2018 240,906.94
Today 248,095.44