Swedish Krona (SEK)


A Brief History of the Swedish Krona

The Swedish Krona has been the currency of Sweden since 1873, replacing the Riksdaler. The Swedish Krona came into existence after Sweden agreed to join the Scandinavian Monetary Union alongside Denmark and Norway. These three countries fixed their respective currencies against gold on par with one another to create monetary stability. This union lasted until the end of World War I when the union disbanded. All three countries kept the name of their respective currencies, which means “crown” in English.

Sweden was required to join the Eurozone according to the 1995 Accession Treaty and was therefore supposed to convert to the Euro. However, a referendum held in 2003 showed 56% of voters opposed the adoption of the new common European currency. According to more recent polls, 55% of Swedes continue to oppose adopting the Euro in Sweden.

The Swedish Krona had been relatively stable against most major currencies since November of 1992, when a managed float currency regime began. Nevertheless, the Krona’s exchange rate against the Euro began declining precipitously in the latter part of 2008, when its value dropped about 20 percent.

This notable fall was largely attributed to the Swedish Riksbank having significantly lowered interest rates at the time. The Krona subsequently appreciated substantially versus the Euro in the wake of the European sovereign debt crisis.

The Swedish Krona in the Foreign Exchange Market

The Swedish Krona is the 9th most traded currency in the foreign exchange market, accounting for 2.2% of daily market trading volume.

The Swedish Krona trades most actively against the Euro as the counter currency in the EUR/SEK currency pair. The Swedish Krona is sometimes informally referred to as the Swede in the FX market, but it is typically called the Swedish Krona by FX traders.

Furthermore, due to Sweden’s relatively stable economy and good credit standing, The Swedish Krona is commonly considered a stable currency. Nevertheless, since Sweden is a net importer of oil and other key commodities, the Swedish Krona’s value can suffer when the prices of such commodities rise.

Fact Table:

Currency Name:  The Swedish Krona
Currency Code: SEK
Currency Symbol: kr
Central Bank: The Swedish Riksbank
Countries Used In: Sweden
Major Unit: One Swedish Krona
Minor Unit: One öre (discontinued) = 1/100 of one Swedish Krona
Note Denominations: 20kr, 50kr, 100kr, 200kr, 500kr and 1000kr
Coin Denominations: 1kr, 5kr and 10kr

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