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Value of 1993 Icelandic Kronur today

kr100 in 1993
kr365.99 in 2024

The inflation rate in Iceland between 1993 and today has been 265.99%, which translates into a total increase of kr265.99. This means that 100 kronur in 1993 are equivalent to 365.99 kronur in 2024. In other words, the purchasing power of kr100 in 1993 equals kr365.99 today. The average annual inflation rate between these periods has been 4.27%.

Inflation timeline in Iceland (1993 - 2024)

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 1993-2023 253.6%
Cumulative inflation 1993-today 265.99%
Avg. Annual inflation 1993-2023 4.3%
CPI 1993 39.16
CPI 2023 138.48
CPI 2023-12 (latest official data) 142.13
CPI today 143.33

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 2023, use the corresponding CPI values:

Value2023
=Value1993 ×
CPI2023/CPI1993
=kr 100 ×
138.48/39.16
kr353.6

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 143.33:

Valuetoday
=Value1993 ×
CPItoday/CPI1993
=kr 100 ×
143.33/39.16
kr365.99

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 30 years between 1993 and 2023 and the average inflation rate was 4.2999%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.042999)30
kr353.6

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1993 kr3.54 kronur in 2023
kr5 kronur in 1993 kr17.68 kronur in 2023
kr10 kronur in 1993 kr35.36 kronur in 2023
kr50 kronur in 1993 kr176.8 kronur in 2023
kr100 kronur in 1993 kr353.6 kronur in 2023
kr500 kronur in 1993 kr1,768.02 kronur in 2023
kr1,000 kronur in 1993 kr3,536.05 kronur in 2023
kr5,000 kronur in 1993 kr17,680.23 kronur in 2023
kr10,000 kronur in 1993 kr35,360.47 kronur in 2023
kr50,000 kronur in 1993 kr176,802.34 kronur in 2023
kr100,000 kronur in 1993 kr353,604.68 kronur in 2023
kr500,000 kronur in 1993 kr1,768,023.42 kronur in 2023
kr1,000,000 kronur in 1993 kr3,536,046.85 kronur in 2023
Cumulative inflation From 1993 265.99%
Avg. annual inflation From 1993 4.27%
CPI 1993 39.16
CPI today 143.33

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
2023 353.6
2023-12 362.9
Today 365.99

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 | 2023 |

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