Ratio of currency in circulation (CIC) to GDP of Iceland 2010-2022
The market size of currency circulating in the economy of Iceland grew in recent years, nearly reaching three percent of GDP in 2019. This so-called CIC/GDP ratio roughly measures the use of cash money in the country. Due to the anonymity of cash transactions, sources struggle to find exact volumes on this. The ratio mentioned here is quite popular in that regard, as the data it needs is relatively easy to find. Some industry experts mention, however, that this ratio is too general and does not necessarily reflect retail payments.
