Iceland sets up swaps with Nordic CBs

In a move that is expected to do much to support the weak krona, the Central Bank of Iceland on Friday said that it had come to an agreement with Sweden, Norway and Denmark to swap its currency for euros.

The central bank will set up swap facilities with three of its Scandinavian counterparts worth as much €500m ($779m) each in a bid to shore up the krona, which has lost more than a quarter of its value against the euro since the start of this year. The krona appreciated by almost 5% against

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