Progressive Party supports adopting the Loonie

The Canadian Television CTV asks today if the ongoing economic uncertainty about the eurozone will push Iceland into the “stable arms of the Canadian dollar”. Another major Canadian business publication asks if Iceland will get the loonie.

Canadian Dollar

Magnus Skúlason, managing director at Reykjavik Economics and Ársæll Valfells, assistant professor of business at the University of Iceland, are part of a small group of academics and business people in Iceland, pushing to explore adopting the Canadian dollar.

Iceland’s Progressive Party is also supportive of the adaption. “If we are going to adopt another currency, then the Canadian dollar looks very promising,” says Progressive Party leader Sigmundur Gunnlaugsson.

The Canadian dollar features a picture of a Common Loon, also known as the Great Northern Loon, on its reverse side and has there for been nicknamed the “loonie”. The nickname was widely recognized in 2006 when the Royal Canadian Mint secured the rights to it. When the Canadian two-dollar coin was introduced, it was in turn nicknamed the “toonie”.

Photo by Ian Matchett

Örlygur Hnefill

Örlygur Hnefill Örlygsson is the manager of Húsavík Hotels and co-founder of He has worked as a journalist at Fréttablaðið newspaper in Reykjavík and at the Parliament of Iceland, as an assistant to MP for North East Constituency.

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