Is it actually independently managed or is it pegged to another currency?

Belize has a similar population to Iceland and is much poorer but they pegged their currency to the dollar, so it's effectively not an independent currency.

Politics_And_Law

econ

World's Smallest Currency Isn't Worth It, Experts Say (Bloomberg, Ragnhildur)

denlillaapan

Is it actually independently managed or is it pegged to another currency?

Belize has a similar population to Iceland and is much poorer but they pegged their currency to the dollar, so it's effectively not an independent currency.