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

Currency Converter

Market Rate For information purposes only. Terms of Use
For details, see My FX Dashboard

For UKForex’s customer rate
Log In or Register Now
Rate: 1.2366
Rate: 0.8087

Register Free

Send money overseas at better rates than the banks.

Get our Free Commentary

RSS Follow Facebook Twitter Follow on LinkedIn Google Plus Follow on YouTube

Get free rate alerts

Choose currency pair and enter the exchange rate. An alert will be triggered when the exchange rate is reached and an email will be sent to you. You can unsubscribe any time and your email address is safe – see our Privacy Policy.

NOTE: These rates are for informational purposes only

UKForex is rated 4.5 stars by Trustpilot based on 125 reviews.

IMPORTANT: Use of this website is subject to the Website Terms. Use of the Services of the UKForex Limited is subject to the Client Agreement. Nothing on this website constitutes or should be construed as financial advice. This information has been prepared for distribution over the internet and without taking into account the investment objectives, financial situation and particular needs of any particular person. UKForex Limited makes no recommendations as to the merits of any financial product referred to in this website, emails or its related websites.

UKForex is registered in England and Wales (company no. 04631395) with registered office at 1st Floor 85 Gracechurch Street, London EC3V 0AA.

DISCLAIMER: UKForex makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this web site. Read full disclaimer.

UKForex provides international money transfer services to individual clients and business customers. Use our free currency calculator, exchange rate charts, economic calendar, in-depth currency news and updates and benefit from competitive exchange rates and outstanding customer service.

UKForex is authorised by the Financial Conduct Authority (FRN: 521566) for the provision of payment services. 

Money Laundering Regulation Number (MSB): 12219180. Issued by HM Revenue & Customs (HMRC)
Read our Money Laundering Statement

Privacy Policy