11 Jun

Icelandic job relief

The Iceland jobless rate stopped from taking a further dive this May for the first time since the collapse.

Iceland has been suffering from a steep increase in the percentage of jobless people since late last year. It is welcoming news to hear that their unemployment rate fell since the first time the economy collapsed, from 9.1% down to 8.7%. The job market went south for Iceland's once boisterous financial sector when the three major banks collapsed due to the global credit crunch.

With the collapse, the government had to step in to take control. While the government had the reigns in their hands, the exchange rate of the krona dive-bombed.

The krona's exchange rate against the pound is currently at 211.467.

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The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.