Source: Central Bank of Iceland
The Central Bank of Iceland has signed an agreement with the ECB concerning participation in the Eurosystem’s TARGET Instant Payment Settlement system (TIPS). Under the agreement, it will be possible to settle payments in Icelandic krónur instantly, in central bank money, from 2028 onwards.
With Iceland’s participation, the króna is the fifth currency in which payments can be settled in the TIPS system. The other currencies are the euro, the Swedish krona, the Danish krone and, effective in 2028, the Norwegian krone.