Value of 1966 Icelandic Kronur today

kr100 in 1966

kr173,236.53 in 2018

The inflation rate in Iceland between 1966 and today has been 173,136.53%, which translates into a total increase of kr173,136.53. This means that 100 kronur in 1966 are equivalent to 173,236.53 kronur in 2018. In other words, the purchasing power of kr100 in 1966 equals kr173,236.53 today. The average annual inflation rate has been 18.02%.

Inflation timeline in Iceland (1966-2018)

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 (1966-2018) 168,534.86%
Total Inflation* 173,136.53%
Annual inflation avg. (1966-2018) 18.4%
Annual inflation avg.* 18.02%
CPI 1966 0.06
CPI 2018 104.48
CPI today* 107.33
kr1 in 1966 kr1,686.35 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 52 years between 1966 and 2018 and the average inflation rate has been 18.0238%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.18)52 = kr168,634.86

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 1966 was 0.06 and the CPI today is 107.33. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
104.48/0.06
= kr168,634.86

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1966 kr1,732.37 kronur today
kr5 kronur in 1966 kr8,661.83 kronur today
kr10 kronur in 1966 kr17,323.65 kronur today
kr50 kronur in 1966 kr86,618.27 kronur today
kr100 kronur in 1966 kr173,236.53 kronur today
kr500 kronur in 1966 kr866,182.66 kronur today
kr1,000 kronur in 1966 kr1,732,365.31 kronur today
kr5,000 kronur in 1966 kr8,661,826.57 kronur today
kr10,000 kronur in 1966 kr17,323,653.15 kronur today
kr50,000 kronur in 1966 kr86,618,265.73 kronur today
kr100,000 kronur in 1966 kr173,236,531.45 kronur today
kr500,000 kronur in 1966 kr866,182,657.27 kronur today
kr1,000,000 kronur in 1966 kr1,732,365,314.53 kronur today

Value of Krona in time (by year)

Period Value
1966 100
1967 108.33
1968 116.11
1977 792.33
1978 1,056.45
1979 1,471.48
1980 2,301.54
1981 3,584.37
1982 5,357.69
1983 8,602.48
1984 15,167.53
1985 18,035.02
1986 24,524.62
1987 27,844.88
1988 34,636.31
1989 41,767.31
1990 52,294.03
1991 56,067.05
1992 60,292.83
1993 61,174.94
1994 64,068.81
1995 64,405.3
1996 65,683.97
1997 67,029.96
1998 68,443.24
1999 69,250.84
2000 73,086.88
2001 76,182.66
2002 82,759.62
2003 84,407.78
2004 86,748.62
2005 90,113.58
2006 93,815.03
2007 100,410.35
2008 106,265.38
2009 125,545.02
2010 134,942.62
2011 138,293.8
2012 145,550.77
2013 151,668.12
2014 157,947.48
2015 159,253.4
2016 162,462.19
2017 165,537.87
2018 168,634.86
Today 173,236.53