Nordic Central Banks Help Iceland

Amid the economic crisis in Iceland, the central banks of Sweden, Norway and Denmark have pumped foreign currency into the Icelandic banking system.

As news agency TT reports, the economic support summing up to 500 million Euros is part of a special agreement between the Nordic central banks to help each other in cases of scarce foreign currency.

Iceland has recently seen a vast decline in foreign investments – leading to a devaluation of the national currency.