Revised currency baskets
The weights of currencies in the baskets used to calculate the broad and narrow merchandise- and trade-weighted indices have been updated. The weights are determined based on Iceland’s external trade in 2023. The last review was carried out at the beginning of 2024. The tables show the new baskets and the changes resulting from the review. The revised baskets will be used as of 1 January 2025 and will remain in use until the next annual review.
The currency baskets are reviewed annually based on Iceland’s external trade during the prior year. The aim is that the baskets reflect as closely as possible the composition of Iceland’s external trade in goods and services. Currency selection is based on the three-year average of a country’s share in Iceland’s goods and services trade. The main changes from the previous baskets are as follows:
Narrow merchandise (A), narrow services (C), and narrow trade basket (E):
• The Australian dollar is added to the baskets.
Broad merchandise (B), broad services (D), and broad trade basket (F):
• The Kuwaiti dinar is added to the baskets:
In the merchandise trade baskets, the weight of the Australian dollar and the US dollar increases considerably between years, whereas the weight of the euro decreases. In the services trade baskets, the weight of the Australian dollar and the pound sterling increases somewhat, while the weight of the Norwegian krone declines. These changes are reflected in the trade baskets, where the weight of the US dollar increases the most and weight of the Australian dollar rises somewhat. The weight of the euro declines the most between years, while the weight of the Norwegian krone declines somewhat.
See further here: