Pound falls further against the Icelandic króna
The pound sterling fell below the ISK 160 mark today, hitting its lowest level in over seven years.
One British pound now buys just ISK 159.1, as compared to over ISK 200 just a year ago. The pound has not been lower against the Icelandic króna since March 2009.
The pound plummeted in the wake of a vote by British voters on 23 June to leave the European Union (EU). The pound was at ISK 180.25 on 23 June, and has since fallen well over 10% to today’s value of ISK 159.1.
The pound’s initial steep drop after the ‘Brexit’ vote had begun to slow, but a recent report from the Governor of the Bank of England saying that conditions in the British financial market were difficult has sent it falling again.
The report suggests that the UK’s intention of leaving the EU has already had a negative effect on the country’s economy.