ISK to CDF

CDF - Congolese Franc (CDF)

Congolese Franc

The official currency of the Democratic Republic of Congo is the Congolese Franc (CDF). The symbol for the Franc is FC. The Franc is subdivided into 100 centimes. There were two editions of the Franc; the second edition is the new Congolese Franc.

The Franc Congolais is the currency in Congo (CD, COD). The Franc Congolais is divided into 100 centimes. The exchange rate for the Franc Congolais was last updated on May 24, 2019 from Yahoo Finance. The CDF conversion factor has 5 significant digits.

Economy

• The Democratic Republic of Congo has a vast amount of mineral and other natural resources. The estimated value of the untapped raw material is +/- 24 trillion USD.
• Agriculture accounts for 57% of the GDP. Products of the agriculture industry are rubber, tea, cotton, sugar, palm oil, and coffee.
• The Congo relies on the mining industry.
• The main industries are consumer products, mining, cement, and commercial ship repair.
• Export products are crude oil, wood products, coffee, copper, gold, diamonds, and cobalt.
• Import products are transportation equipment, mining and other machinery, and food.
• There is a lot of economy activity in the informal sectors that is not included in the GDP.
• The first and second wars that took place in the 1960s negatively impacted the economy.
• The government is establishing economic zones to help get the industrial sector started.

History

• The first Franc was introduced in 1887. It had the same value as the Belgian Franc.
• In 1916, the Congolese Franc also circulated in the countries of Burundi and Rwanda; however, they later issued their own Franc.
• In 1967, Congo declared independence and the Franc was replaced with the Zaire at 1,000 Francs = 1 Zaire.
• In 1997, the Franc was re-introduced and the Zaire was eliminated. The exchange rate was 100,000 new Zaires = 1 Franc.
• In 2010, the Central Bank printed commemorative notes to celebrate the 50th anniversary of the country’s independence from Belgium.

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ISK - Icelandic Króna (kr)

Icelandic Króna

The Krona is the official currency of Iceland, a island country in the North Atlantic Ocean, situated over the Mid-Atlantic Ridge. The island is volcanically and geologically active because it straddles the spreading boundary of the North American and European tectonic plates. The capital and largest city is Reykjavík, with the city’s surrounding areas in the southwest region of the country home to two thirds of the country’s population.

The Icelandic Krona is the currency in Iceland (IS, ISL). The Icelandic Krona is also known as Kronas. The symbol for ISK can be written IKr. The Icelandic Krona is divided into 100 aurar. The exchange rate for the Icelandic Krona was last updated on January 18, 2019 from The International Monetary Fund. The ISK conversion factor has 6 significant digits.

Economy

• Except for its abundant hydroelectric and geothermal power, Iceland lacks natural resources.
• Historically, Iceland depended heavily on fishing, which still provides 40% of export earnings and employs 7% of the workforce despite declining fish stocks.
• Abundant hydro-electric capacity has allowed Iceland to encourage power-intensive industries, including aluminium and ferro-silicon smelting plants.
• In the 1990s, Iceland introduced extensive free market reforms and as a result gained some of the world’s highest ratings for economic and civil freedoms and egalitarianism, and was applauded for its strong economic growth and rapidly expanding financial system.
• By 2007, the country was ranked: seventh in the list of the world's most productive countries per capita, at U.S. $ 54,858; and fifth in GDP purchasing power parity ($ 40,112). That same year it topped the list of nations ranked by Human Development Index (HDI).
• As early as 2006, Iceland’s economy was facing problems of growing inflation and current account deficits, partly as a result of the earlier free market reforms. In 2008, the financial system collapsed entirely in a sweeping financial crisis precipitated by bank failures. Iceland had to obtain emergency funding from the International Monetary Fund and a range of European countries in November 2008.

History

• The Króna is composed of 100 aurar, although coins in any denomination less than one króna have not circulated since 2003.
• The Danish Krone was introduced in Iceland in 1874, replacing the earlier Danish currency, the rigsdaler. In 1885, Iceland began to issue its own banknotes.
• The Iceland Króna was issued separate from the Danish Krone after the dissolution of the Scandinavian Monetary Union at the beginning of World War I, and Iceland’s autonomy from Denmark in 1918.
• The first coins were issued in 1922, in denominations of 10 and 25 aurar. These were followed in 1925 by 1-króna and 2-krónur coins, and in 1926 by 1-eyrir, 2-aurar and 5-aurar coins.
• In 1946, the design of all coins was altered to remove the royal monogram, after Iceland's independence from Denmark was precipitated by Denmarks’ occupation by Nazi Germany.
• In 1981, the Iceland Krona was revalued, with 100 old krónur (ISJ) valued at 1 new Iceland Krona (ISK).
• In 1981, coins were introduced in denominations of 5, 10 and 50 aurar, 1 króna and 5 krónur. These were followed by 10 krónur pieces in 1984, 50 krónur in 1987 and 100 krónur in 1995.
• As of 1 October 2003, Icelandic banks no longer accepted the 5, 10 and 50 aurar coins.

More information about ISK - Icelandic Króna (kr)