The currency Local is the Icelandic crown (ISK). Its value was seriously affected by the economic crisis of 2008. For March 2010, one euro is exchanged for 175 ISK. This makes local products cheaper for foreigners.
Most establishments – even the most desolate hostels – in Iceland accept Credit cards. Therefore it is not necessary to carry a lot of cash. In any case, check with your bank because, due to the crisis, you don’t have much confidence in Icelandic crowns transactions. This is even more difficult with checks or bank notes.
The Credit cards Y debit most used are Mastercard and Visa. Icelanders are used to using credit cards for minor purchases. If you use Diners Club, you can get cash from the Islandsbanki.
Reykjavik’s most commercial streets are Laugavegur and Skolavordustigur. The schedule Most stores are from 10:00 a.m. to 6:00 p.m. On weekends they open from 11:00 a.m. to 4:00 p.m. On Sundays most stores close. The exception is the Kringlan and Smaralind shopping centers. Both have normal hours on Sundays.
Among the products that Icelandic people are most proud of are their wool – which comes from a unique breed of sheep in the country – and their crafts – such as music boxes, porcelain sculptures and jewelry.