The Icelandic Krona is the currency of Iceland. The banknotes are printed on paper. The Central Bank of Iceland (CBI) is responsible for issuing the Icelandic banknotes. The abbreviation for Icelandic krona is ISK, however in Iceland you will see it as “kr” on price tags. Instead of kings, queens, or presidents on the front of the banknotes, all bills feature important historical figures.