Faroe Islands

The Faroe Islands, located in the midst of the Norwegian Sea and the North Atlantic Ocean, is an archipelago that is a territory of the Kingdom of Denmark. Along with Greenland and mainland Denmark, the Faroe Islands are governed by the Danish monarchy. Despite being a territory, the Faroe Islands have been autonomous and in control of their foreign affairs, military defense, justice, and currency. They also govern their own trade policy, which has been crucial in their economic development. 

In the early 1990s, the Faroe Islands suffered a severe economic collapse due to the downfall of its fishing industry. This resulted in a significant increase in the unemployment rate. However, the Faroe Islands have since recovered, and in December 2019, the unemployment rate was down to 0.9%. Despite this recovery, the Faroe Islands' economy remains vulnerable due to its dependency on fish farming. 

Faroe Islands’ currency is the krona which is denominated in Danish krone and issued by Denmark’s central bank, Danmarks NationalBank. In 1940, Danish kroner banknotes were overstamped with a crown and a “Kun gyldig paa Faroerne” which means, valid only on the Faroe Islands. This was to avoid inflation that may be caused by the importation of Danish notes. Since 1951, banknotes for the Faroese Islands bear texts in Faroese.

Between 2001 and 2005, a new set of notes in denominations of 50, 100, 200, 500, and 1000 kronur was issued. In 2012, the Danmarks National Bank introduced an updated version with new security features such as Motion windowed security threads, mother-of-pearl threads, and registration devices.

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