Most definately, although the currency has been very unstable from the beginning. In fact, the ISK/USD has gone from 7.25kr/USD (1981) up to 97.5kr/USD (2001),

Most definately, although the currency has been very unstable from the beginning. In fact, the ISK/USD has gone from 7.25kr/USD (1981) up to 97.5kr/USD (2001), down to 62.7kr/USD (2005) and is now at 115kr/USD. So yes, half it's value relative to 2005. However, this probably paint an overly pretty picture, because the currency is essentially fixed by the central bank and protected with restrictive regulations. For example, if I want to buy USD, I have to show the bank an airline ticket and there's a limit to how much I can buy (< 6.000$ )