Iceland: Broad money to total reserves ratio

Key figures

What the numbers say

In 2024, Iceland's broad money to total reserves ratio rose 0.04 on 2023 (from 3.45 to 3.49).

Across the 30 yearly changes before that (1994 to 2023), the average change was −0.07 and a typical year strayed about 1.37 from that (the standard deviation). This year's change was 0.1 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 4.39 in 1974 and the biggest yearly fall was 3.62 in 2006. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 the straight-line trend is upward, about 0.14 a year. A straight line explains 65% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Iceland had the 13th highest value of the 41 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Iceland in the 2024 ranking

• Tunisia — 10th of 41: 4.58
• Norway — 11th of 41: 3.66
• Liberia — 12th of 41: 3.51
• Sierra Leone — 14th of 41: 3.27
• Uganda — 15th of 41: 3.22
• Mozambique — 16th of 41: 3.17

What this measures

Broad money is the sum of all liquid financial instruments held by money-holding sectors that are widely accepted in an economy as a medium of exchange, plus those that can be converted into a medium of exchange at short notice at, or close to, their full nominal value. Reserve assets are external assets, including monetary gold, that are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets to affect the currency exchange rate, and for other related purposes (such as maintaining confidence in the currency and the economy, and serving as a basis for foreign borrowing). Reserve assets must be denominated and settled in foreign currency. This indicator is expressed as a ratio (a÷b).

All 65 values

Broad money to total reserves ratio in nearby economies

• Albania — 2.94 (2024)
• Armenia — 3.52 (2025)
• Azerbaijan — 2.16 (2025)
• Belarus — 2.54 (2021)
• Bosnia and Herzegovina — 2.3 (2024)
• Bulgaria — 2.13 (2024)
• Czechia — 2.06 (2024)
• Denmark — 2.45 (2024)
• Georgia — 3.41 (2025)
• Hungary — 2.88 (2024)
• Kazakhstan

More financial sector data for Iceland

• Domestic credit to private sector by banks (% of GDP) — 88.65% (2025)
• Net domestic credit (current LCU) — 4.57 trillion (2025)
• Net foreign assets (current LCU) — 397.7 billion (2025)
• Monetary sector credit to private sector (% of GDP) — 88.65% (2025)
• Consumer price index (2010 = 100) — 179.83 (2025)
• Inflation, consumer prices (annual % growth) — 4.09% (2025)
• Claims on central government, etc. (% of GDP) — -3.91% (2025)
• Domestic credit to private sector (% of GDP) — 88.65% (2025)
• GDP deflator (base year varies by country) — 138.13 (2025)
• DEC alternative conversion factor (LCU per US$)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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Questions people ask

What is Iceland's broad money to total reserves ratio?

3.49 in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1960?

It is down 52.67% from 7.38 in 1960 (1.16% a year on average, compounded). The highest value was 10.52 in 2005 and the lowest 1.56 in 2011.

How does Iceland rank?

13th highest of 41 economies with data for 2024.

Is the latest change in broad money to total reserves ratio unusual for Iceland?

In 2024, Iceland's broad money to total reserves ratio rose 0.04 on 2023 (from 3.45 to 3.49). Across the 30 yearly changes before that (1994 to 2023), the average change was −0.07 and a typical year strayed about 1.37 from that (the standard deviation). This year's change was 0.1 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator FM.LBL.BMNY.IR.ZS, licensed CC BY 4.0. Original source: International Financial Statistics database, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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