Value of 1993 Icelandic Kronur today

kr100 in 1993

kr283.18 in 2018

The inflation rate in Iceland between 1993 and today has been 183.18%, which translates into a total increase of kr183.18. This means that 100 kronur in 1993 are equivalent to 283.18 kronur in 2018. In other words, the purchasing power of kr100 in 1993 equals kr283.18 today. The average annual inflation rate has been 4.08%.

Inflation timeline in Iceland (1993-2018)

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 (1993-2018) 175.66%
Total Inflation* 183.18%
Annual inflation avg. (1993-2018) 4.14%
Annual inflation avg.* 4.08%
CPI 1993 37.9
CPI 2018 104.48
CPI today* 107.33
kr1 in 1993 kr2.76 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 25 years between 1993 and 2018 and the average inflation rate has been 4.0848%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.04)25 = kr275.66

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 1993 was 37.9 and the CPI today is 107.33. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
104.48/37.9
= kr275.66

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1993 kr2.83 kronur today
kr5 kronur in 1993 kr14.16 kronur today
kr10 kronur in 1993 kr28.32 kronur today
kr50 kronur in 1993 kr141.59 kronur today
kr100 kronur in 1993 kr283.18 kronur today
kr500 kronur in 1993 kr1,415.91 kronur today
kr1,000 kronur in 1993 kr2,831.82 kronur today
kr5,000 kronur in 1993 kr14,159.11 kronur today
kr10,000 kronur in 1993 kr28,318.22 kronur today
kr50,000 kronur in 1993 kr141,591.08 kronur today
kr100,000 kronur in 1993 kr283,182.17 kronur today
kr500,000 kronur in 1993 kr1,415,910.83 kronur today
kr1,000,000 kronur in 1993 kr2,831,821.66 kronur today

Value of Krona in time (by year)

Period Value
1993 100
1994 104.73
1995 105.28
1996 107.37
1997 109.57
1998 111.88
1999 113.2
2000 119.47
2001 124.53
2002 135.28
2003 137.98
2004 141.8
2005 147.3
2006 153.36
2007 164.14
2008 173.71
2009 205.22
2010 220.58
2011 226.06
2012 237.93
2013 247.93
2014 258.19
2015 260.32
2016 265.57
2017 270.6
2018 275.66
Today 283.18