Pensioners Living Abroad - Exchange Rates
Benchmark exchange rate of the Icelandic krona for foreign income.
At the beginning of the year an exemption was temporarily suspended that was granted because of the benchmark exchange rate of the Icelandic krona for foreign income.
Because of uncertainty in economic affairs, at the start of 2009 it was decided that payments from Social Insurance Administration would be calculated on the basis of the krona exchange rate as it was in January 2008. This involved a temporary exemption from the Ministry of Welfare to meet the needs of benefit recipients with income in other currencies.
If foreign income is involved, the calculation of compensation from Social Insurance Administration in 2012 will be based on the average exchange rate of the krona as recorded by the Central Bank of Iceland in October 2011 (see the accompanying table exchange rates).
Settlement of compensation in 2012 will be calculated in accordance with the average exchange rate in 2011.
The average exchange rate of several currencies in October 2011 according to information from the Central Bank of Iceland:
| Country | Foreign currency | Mid rate |
| USA | USD | 115,95 |
| UK | GBP | 182,63 |
| Canada | CAD | 113,59 |
| Denmark | DKK | 21,35 |
| Norway | NOK | 20,51 |
| Sweden | SEK | 17,44 |
| Switzerland | CHF | 129,28 |
| Euro area | EUR | 158,97 |
| Australia | AUD | 117,5 |
| Polland | PLN | 36,51 |
| Latvia | LVL | 225,17 |
| Lithuania | LTL | 46,04 |
| South African Rand | ZAR | 14,56 |