Icelandic news translated into English

November 7, 2008

Smaller clothing stores running out of products

Filed under: economy — newsfrettir @ 2:27 pm

View at the central shopping street - Photo by Valdis
Importers are still having problems getting currency to their businesses. For companies that are not in priority, that is those who sell food, medicine and oil, have ha to wait for almost two weeks to have their issues resolved and some smaller companies have not gotten any currency at all. So some smaller clothing companies have not had any service yet, and are running very low on products for the Christmas shoppers.

Even though it has been a possibility to get currency for companies who have priority the Central Banks staff are worried about slower flow of currency. According to the papers information export companies are in increased measures using foreign banks to deposit in and are not willing to bring currency in to the country in current situation. So it is said that there are two economies running. This is said to be normal responses of companies, that it is only human behavior to try to save one selves in need.

It is known that importers have used those foreign accounts of export companies and finished their deals that way. Even though there is nothing illegal about this it increases the danger of “under the table” business with currency. The euro has been sold for up to 300 krónur. The guideline rate of exchange from the Central bank is that the Euro is 166 krónur.

(News Article by Björn Jóhann Björnsson)
Original Article in Icelandic

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