Central Banking

Iceland prepares to phase out smallest banknote

500-kronur

Iceland's lowest value banknote could be replaced with a coin "in the near future" as the central bank continues its shift towards higher denomination notes and coins.

The Central Bank of Iceland issued its first ever 10,000 krónur banknote in October last year – now the largest value note in circulation – in an attempt to "facilitate and streamline payment intermediation" in the country.

In its annual report for 2013, published last week, the central bank explained that because inflation has

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