kr

Value of 1993 Icelandic Kronur today

kr100 in 1993
kr339.44 in 2023

The inflation rate in Iceland between 1993 and today has been 239.44%, which translates into a total increase of kr239.44. This means that 100 kronur in 1993 are equivalent to 339.44 kronur in 2023. In other words, the purchasing power of kr100 in 1993 equals kr339.44 today. The average annual inflation rate between these periods has been 4.16%.

Inflation timeline in Iceland (1993 - 2023)

The following chart depicts the equivalence of kr100 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing 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 extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation 1993-2022 225.19%
Cumulative inflation 1993-today 239.44%
Avg. Annual inflation 1993-2022 4.15%
CPI 1993 39.16
CPI 2022 127.36
CPI 2022-12 (latest official data) 131.9
CPI today 132.94

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 Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 1993 and 2022, use the corresponding CPI values:

Value2022
=Value1993 ×
CPI2022/CPI1993
=kr 100 ×
127.36/39.16
kr325.19

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 132.94:

Valuetoday
=Value1993 ×
CPItoday/CPI1993
=kr 100 ×
132.94/39.16
kr339.44

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: 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 29 years between 1993 and 2022 and the average inflation rate was 4.1502%. Therefore, we can resolve the formula like this:

Value2022
=PV × (1 + i)n
=kr100 × (1 + 0.041502)29
kr325.19

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1993 kr3.25 kronur in 2022
kr5 kronur in 1993 kr16.26 kronur in 2022
kr10 kronur in 1993 kr32.52 kronur in 2022
kr50 kronur in 1993 kr162.6 kronur in 2022
kr100 kronur in 1993 kr325.19 kronur in 2022
kr500 kronur in 1993 kr1,625.97 kronur in 2022
kr1,000 kronur in 1993 kr3,251.95 kronur in 2022
kr5,000 kronur in 1993 kr16,259.73 kronur in 2022
kr10,000 kronur in 1993 kr32,519.45 kronur in 2022
kr50,000 kronur in 1993 kr162,597.27 kronur in 2022
kr100,000 kronur in 1993 kr325,194.54 kronur in 2022
kr500,000 kronur in 1993 kr1,625,972.72 kronur in 2022
kr1,000,000 kronur in 1993 kr3,251,945.43 kronur in 2022
Cumulative inflation From 1993 239.44%
Avg. annual inflation From 1993 4.16%
CPI 1993 39.16
CPI today 132.94

Value of Krona over time (by year)

Period Value
1993 100
1994 101.55
1995 103.23
1996 105.56
1997 107.48
1998 109.26
1999 112.79
2000 118.59
2001 126.18
2002 132.74
2003 135.47
2004 139.75
2005 145.32
2006 155.04
2007 162.87
2008 183.54
2009 205.58
2010 216.67
2011 225.34
2012 237.02
2013 246.2
2014 251.24
2015 255.34
2016 259.67
2017 264.24
2018 271.33
2019 279.51
2020 287.47
2021 300.25
2022 325.19
2022-12 336.8
Today 339.44

All available years

Today's value of icelandic kronur by year:

1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |

Other currencies: