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Swedish krona

Swedish krona

Overview
The krona has been the currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...

 of Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....

 since 1873. Both the ISO code "SEK" and currency sign "kr" are in common use; the former precedes or follows the value, the latter usually follows it, but especially in the past, it sometimes preceded the value. The currency is sometimes referred to as the "Swedish crown" in English
English language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...

 (since krona literally means crown
Crown (headgear)
A crown is the traditional symbolic form of headgear worn by a monarch or by a deity, for whom the crown traditionally represents power, legitimacy, immortality, righteousness, victory, triumph, resurrection, honour and glory of life after death. In art, the crown may be shown being offered to...

 in Swedish
Swedish language
Swedish is a North Germanic language, spoken by approximately 10 million people, predominantly in Sweden and parts of Finland, especially along its coast and on the Åland islands. It is largely mutually intelligible with Norwegian and Danish...

). The Swedish krona also circulates in the Åland Islands
Åland Islands
The Åland Islands form an archipelago in the Baltic Sea. They are situated at the entrance to the Gulf of Bothnia and form an autonomous, demilitarised, monolingually Swedish-speaking region of Finland...

 alongside the official Finnish
Finland
Finland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside...

 currency, the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...

.

One krona is subdivided into 100 öre
Öre
Öre is the discontinued centesimal subdivision of the Swedish krona. The plural and singular are the same in the indefinite forms, whereas the singular definite form is öret and the plural definite is örena. The name derives from the Latin aureus , the name of a coin worth 25 denarii...

(singular and plural; when referring to the currency unit itself, however, the plural is ören).
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Encyclopedia
The krona has been the currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...

 of Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....

 since 1873. Both the ISO code "SEK" and currency sign "kr" are in common use; the former precedes or follows the value, the latter usually follows it, but especially in the past, it sometimes preceded the value. The currency is sometimes referred to as the "Swedish crown" in English
English language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...

 (since krona literally means crown
Crown (headgear)
A crown is the traditional symbolic form of headgear worn by a monarch or by a deity, for whom the crown traditionally represents power, legitimacy, immortality, righteousness, victory, triumph, resurrection, honour and glory of life after death. In art, the crown may be shown being offered to...

 in Swedish
Swedish language
Swedish is a North Germanic language, spoken by approximately 10 million people, predominantly in Sweden and parts of Finland, especially along its coast and on the Åland islands. It is largely mutually intelligible with Norwegian and Danish...

). The Swedish krona also circulates in the Åland Islands
Åland Islands
The Åland Islands form an archipelago in the Baltic Sea. They are situated at the entrance to the Gulf of Bothnia and form an autonomous, demilitarised, monolingually Swedish-speaking region of Finland...

 alongside the official Finnish
Finland
Finland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside...

 currency, the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...

.

One krona is subdivided into 100 öre
Öre
Öre is the discontinued centesimal subdivision of the Swedish krona. The plural and singular are the same in the indefinite forms, whereas the singular definite form is öret and the plural definite is örena. The name derives from the Latin aureus , the name of a coin worth 25 denarii...

(singular and plural; when referring to the currency unit itself, however, the plural is ören). However, all öre coins have been discontinued as of 30 September 2010. Goods can still be priced in öre, but all sums are rounded to the nearest krona when paying with cash.

History


The introduction of the krona, which replaced at par the riksdaler
Swedish riksdaler
The riksdaler was the name of a Swedish coin first minted in 1604. Between 1777 and 1873, it was the currency of Sweden. The daler, like the dollar, was named after the German Thaler. The similarly named Reichsthaler, rijksdaalder, and rigsdaler were used in Germany and Austria-Hungary, the...

, was a result of the Scandinavian Monetary Union
Scandinavian Monetary Union
The Scandinavian Monetary Union was a monetary union formed by Sweden and Denmark on May 5, 1873, by fixing their currencies against gold at par to each other...

, which came into effect in 1873 and lasted until World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...

. The parties to the union were the Scandinavia
Scandinavia
Scandinavia is a cultural, historical and ethno-linguistic region in northern Europe that includes the three kingdoms of Denmark, Norway and Sweden, characterized by their common ethno-cultural heritage and language. Modern Norway and Sweden proper are situated on the Scandinavian Peninsula,...

n countries, where the name was krona in Sweden and krone in Denmark
Denmark
Denmark is a Scandinavian country in Northern Europe. The countries of Denmark and Greenland, as well as the Faroe Islands, constitute the Kingdom of Denmark . It is the southernmost of the Nordic countries, southwest of Sweden and south of Norway, and bordered to the south by Germany. Denmark...

 and Norway
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...

, which in English literally means crown. The three currencies were on the gold standard
Gold standard
The gold standard is a monetary system in which the standard economic unit of account is a fixed mass of gold. There are distinct kinds of gold standard...

, with the krona/krone defined as of a kilogram of pure gold.

After dissolution of the monetary union, Sweden, Denmark
Denmark
Denmark is a Scandinavian country in Northern Europe. The countries of Denmark and Greenland, as well as the Faroe Islands, constitute the Kingdom of Denmark . It is the southernmost of the Nordic countries, southwest of Sweden and south of Norway, and bordered to the south by Germany. Denmark...

, and Norway
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...

 all decided to keep the names of their respective and now separate currencies.

Coins


Between 1873 and 1876, coins in denominations of 1, 2, 5, 10, 25, and 50 öre and 1, 2, 10, and 20 kronor were introduced, with the 1, 2 & 5 öre in bronze, the 10, 25, 50 öre and 1 and 2 kronor in silver and the 10 & 20 kronor in gold. Gold 5 kronor were added in 1881.

Production of gold coins ceased in 1902 and was only briefly restarted in 1920 and 1925 before ceasing entirely. Due to metal shortages during World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...

, iron replaced bronze between 1917 and 1919. Nickel-bronze replaced silver in the 10, 25 & 50 öre in 1920, with silver returning in 1927.

Metal shortages due to World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...

 again led to changes in the Swedish coinage. The nickel-bronze 10, 25 and 50 öre were again issued between 1940 and 1947. In 1942, iron again replaced bronze (until 1952) and the silver content of the other coins was reduced. In 1962, cupro-nickel replaced silver in the 10 öre, 25 öre & 50 öre coins, with the 2 kronor following suit and the 1 krona switching to cupro-nickel-clad copper in 1968 (and later being replaced entirely by cupro-nickel in 1982). 5 kronor silver coins were produced in 1954, 1955 and 1971, with designs similar to contemporary 1 and 2 kronor coins.

In 1972, a new smaller 5 kronor coin was introduced, struck in cupro-nickel-clad nickel. The current design has been produced since 1974. In 1971, the 1 and 2 öre, as well as the 2 kronor coins ceased production. The size of the 5 öre coin was reduced in 1972. In 1984, production of the 5 and 25 öre coins came to an end, followed by that of the 10 öre in 1991. Also in 1991, aluminium-brass ("Nordic gold
Nordic gold
Nordic gold is the alloy from which the middle three denominations of euro coins, 50 cent, 20 cent, and 10 cent coins are made. It has also been in use for a number of years in other countries, most notably in the Swedish 10-krona coin...

") 10 kronor coins were introduced along with bronze coloured 50 öre coins.

In March 2009, the government decided to cease production of the 50 öre coins, which, since October 2010, are no longer legal tender. The reason could include low purchasing power, higher production and distribution cost than the value and the fact that the coins cannot be used in most parking machines and vending machines.

Coins currently in circulation are:
Swedish krona coins
Image Value Diameter Thickness Weight Composition
1 krona 25 mm 1.88 mm 7 g Cupronickel
Cupronickel
Cupronickel or copper-nickel or "cupernickel" is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. Cupronickel is highly resistant to corrosion in seawater, because its electrode potential is adjusted to be neutral with regard to seawater...


75% copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...


25% nickel
Nickel
Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile...

5 kronor 28.5 mm 2 mm 9.5 g Outer layer (46.5%): Cupronickel
Cupronickel
Cupronickel or copper-nickel or "cupernickel" is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. Cupronickel is highly resistant to corrosion in seawater, because its electrode potential is adjusted to be neutral with regard to seawater...

 (as 1kr)
Inner layer (53.5%): 100% Nickel
Nickel
Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile...

10 kronor 20.5 mm 2.9 mm 6.6 g Nordic gold
Nordic gold
Nordic gold is the alloy from which the middle three denominations of euro coins, 50 cent, 20 cent, and 10 cent coins are made. It has also been in use for a number of years in other countries, most notably in the Swedish 10-krona coin...


89 % copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...


5 % aluminium
Aluminium
Aluminium or aluminum is a silvery white member of the boron group of chemical elements. It has the symbol Al, and its atomic number is 13. It is not soluble in water under normal circumstances....


5% zinc
Zinc
Zinc , or spelter , is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2...


1% tin
Tin
Tin is a chemical element with the symbol Sn and atomic number 50. It is a main group metal in group 14 of the periodic table. Tin shows chemical similarity to both neighboring group 14 elements, germanium and lead and has two possible oxidation states, +2 and the slightly more stable +4...

These images are to scale at 2.5 pixels per millimetre, a standard for world coins.


Of the other denominations issued in the past, all 2 kronor minted from 1876 onwards remain legal tender, although these are extremely rarely seen in circulation. In addition, all jubilee and commemorative coins minted in 1897 or later are also legal tender.
The 2 kr coins contained 40% silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...

 until 1966, which meant that they already several years ago were worth much more than 2 kr, so most have been bought and melted down by arbitrageurs, and the rest are kept by collectors
Coin collecting
Coin collecting is the collecting or trading of coins or other forms of minted legal tender.Coins of interest to collectors often include those that circulated for only a brief time, coins with mint errors and especially beautiful or historically significant pieces. Coin collecting can be...

.

The royal motto
Royal mottos of Swedish monarchs
The Royal motto or Valspråk of the Swedish monarch is a Swedish royal tradition stemming from the early 16th century. All regents of Sweden, beginning with Gustav Vasa, have had their own motto during their respective periods of reign. The Swedish royal motto is in many ways equivalent to a...

 of the monarch is also inscribed on many of the coins. The 5 kronor coin was designed in 1974, at a time when there were political efforts to abandon the monarchy, when there was a new young inexperienced king. The monarchy remained, but the 5 kronor was not given a portrait. Coins minted before 1974 have the same size but contain the portrait of King Gustav VI Adolf and his royal motto.

Recent changes


On December 18, 2008, the Swedish Riksbank announced a proposal to phase out the 50 öre, the final öre coin, by 2010. Note, however, that the öre would remain as a subdivision unit for electronic payments. On March 25, 2009, the Riksdag formally decided to enact the law that repeals 50 öre coins from circulation. Under that law the final date that payments could be made with 50 öre coins was September 30, 2010. Remaining 50 öre coins could be exchanged at banks until the end of March 2011.

Future


On 17 February 2010, the Riksbank decided to recommend the parliament to allow it to issue a 2-krona coin and a 200-krona note, the latter a new denomination for the country. However, it did not recommend replacing the 20-krona note with a coin.

In March 2010, the Riksbank decided, to decrease the sizes and weights and change the styles of the 1 krona and 5 kronor coins, but to keep the 10 kronor format. The 1 krona will be 19.5 mm, 3.6 grams, copper-plated steel. The new 2 kronor will be 22.5 mm, 4.8 grams, copper-plated steel. The 5 kronor will be 23.75 mm, 6.1 grams, Nordic Gold.

Banknotes


In 1874, notes were introduced by the Riksbank
Sveriges Riksbank
Sveriges Riksbank, or simply Riksbanken, is the central bank of Sweden and the world's oldest central bank. It is sometimes called the Swedish National Bank or the Bank of Sweden .-History:...

 in denominations of 1, 5, 10, 50, 100 and 1000 kronor. The 1 krona was only initially issued for two years, although it reappeared between 1914 and 1920. In 1939 and 1958, 10,000 kronor notes were issued.

The 5 kronor note was discontinued in 1981, although a coin had been issued since 1972. In 1985, the 500 kronor note was introduced. With the introduction of a 10 kronor coin in 1991, production of 10 kronor notes ceased and a 20 kronor note was introduced. Production of 50 kronor notes was suspended that year but resumed in 1996.

In 2006 the Riksbank introduced a new 1000 kronor note which is the first note to contain the Motion security feature developed by Crane, then called Tumba Bruk. Crane AB, located in Tumba
Tumba, Sweden
Tumba is a bimunicipal locality and the seat of Botkyrka Municipality in Stockholm County, Sweden with 35,311 inhabitants in 2005. A part of its statistical urban area, called Rönninge, is in Salem Municipality. The population is 35,311 . The Swedish krona banknotes are printed by Crane AB at Tumba...

, Sweden, prints all of the kronor banknotes.

Banknotes of the latest series are:
Current series
Image Value Dimensions Main Colour Description
Obverse Reverse Obverse Reverse
20 kronor 120 × 67 mm Bluish purple Selma Lagerlöf
Selma Lagerlöf
Selma Ottilia Lovisa Lagerlöf was a Swedish author. She was the first female writer to win the Nobel Prize in Literature, and most widely known for her children's book Nils Holgerssons underbara resa genom Sverige ....

Nils Holgersson
The Wonderful Adventures of Nils
The Wonderful Adventures of Nils is a work of fiction by the Swedish author Selma Lagerlöf. It was published in two books, The Wonderful Adventures of Nils in 1906 and Further Adventures of Nils in 1907...

 flying over Scania
Scania
Scania is the southernmost of the 25 traditional non-administrative provinces of Sweden, constituting a peninsula on the southern tip of the Scandinavian peninsula, and some adjacent islands. The modern administrative subdivision Skåne County is almost, but not totally, congruent with the...

50 kronor 120 × 77 mm Yellow Jenny Lind
Jenny Lind
Johanna Maria Lind , better known as Jenny Lind, was a Swedish opera singer, often known as the "Swedish Nightingale". One of the most highly regarded singers of the 19th century, she is known for her performances in soprano roles in opera in Sweden and across Europe, and for an extraordinarily...

Key harp and its tonal range
100 kronor 140 × 72 mm Light blue Carl von Linné Bee
Bee
Bees are flying insects closely related to wasps and ants, and are known for their role in pollination and for producing honey and beeswax. Bees are a monophyletic lineage within the superfamily Apoidea, presently classified by the unranked taxon name Anthophila...

 pollinating
Pollination
Pollination is the process by which pollen is transferred in plants, thereby enabling fertilisation and sexual reproduction. Pollen grains transport the male gametes to where the female gamete are contained within the carpel; in gymnosperms the pollen is directly applied to the ovule itself...

 a flower
500 kronor 150 × 82 mm Red-gray Charles XI Christopher Polhem
Christopher Polhem
Christopher Polhammar , better known as , which he took after his ennoblement, was a Swedish scientist, inventor and industrialist. He made significant contributions to the economic and industrial development of Sweden, particularly mining.-Biography:Polhem was born on the island of Gotland...

1000 kronor 160 × 82 mm Yellow-gray Gustav Vasa
Gustav I of Sweden
Gustav I of Sweden, born Gustav Eriksson of the Vasa noble family and later known simply as Gustav Vasa , was King of Sweden from 1523 until his death....

Olaus Magnus
Olaus Magnus
Olaus Magnus was a Swedish ecclesiastic and writer, who did pioneering work for the interest of Nordic people. He was reported as born in October 1490 in Östergötland, and died on August 1, 1557. Magnus, Latin for the Swedish Stor “great”, is a Latin family name taken personally, and not a...

' picture of the Northern Peoples from 1555

Future


The Riksbank decided on 17 February 2010, to recommend the parliament to allow it to issue a 2-krona coin and a 200-krona note, the latter a new denomination for the country. However, it did not recommend replacing the 20-krona note with a coin. The proposal accompanies the modernisation and re-designing of bank notes in Sweden. The Riksdag decision is to reintroduce the 2 kronor coin and 200 kronor bank note. The Riksdag also decided not to replace the 20 kronor bank note with a coin.

On April 6, 2011, the Swedish Riksbank announced the names of the persons whose portraits would decorate the new banknotes. These are:
  • Dag Hammarskjöld
    Dag Hammarskjöld
    Dag Hjalmar Agne Carl Hammarskjöld was a Swedish diplomat, economist, and author. An early Secretary-General of the United Nations, he served from April 1953 until his death in a plane crash in September 1961. He is the only person to have been awarded a posthumous Nobel Peace Prize. Hammarskjöld...

     on the 1000 kronor banknote.
  • Birgit Nilsson
    Birgit Nilsson
    right|thumb|Nilsson in 1948.Birgit Nilsson was a celebrated Swedish dramatic soprano who specialized in operatic and symphonic works...

     on the 500 kronor banknote.
  • Ingmar Bergman
    Ingmar Bergman
    Ernst Ingmar Bergman was a Swedish director, writer and producer for film, stage and television. Described by Woody Allen as "probably the greatest film artist, all things considered, since the invention of the motion picture camera", he is recognized as one of the most accomplished and...

     on the new 200 kronor banknote.
  • Greta Garbo
    Greta Garbo
    Greta Garbo , born Greta Lovisa Gustafsson, was a Swedish film actress. Garbo was an international star and icon during Hollywood's silent and classic periods. Many of Garbo's films were sensational hits, and all but three were profitable...

     on the 100 kronor banknote.
  • Evert Taube
    Evert Taube
    Evert Axel Taube was a Swedish author, artist, composer and singer. He is best known for his folk songs, and is widely regarded as one of Sweden's most respected musicians.-Biography:...

     on the 50 kronor banknote.
  • Astrid Lindgren
    Astrid Lindgren
    Astrid Anna Emilia Lindgren , 14 November 1907 – 28 January 2002) was a Swedish author and screenwriter who is the world's 25th most translated author and has sold roughly 145 million copies worldwide...

     on the 20 kronor banknote.


The new banknotes are expected to become available some time in 2014-15.

Exchange rate

Most traded currencies
Currency distribution of reported FX market turnover
Rank Currency ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...

 code
(Symbol)
% daily share
(April 2010)
 United States dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....

 
84.9%
 Euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...

 
39.1%
 Japanese yen
Japanese yen
The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...

 
19.0%
 Pound sterling
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...

 
12.9%
 Australian dollar
Australian dollar
The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...

 
7.6%
 Swiss franc
Swiss franc
The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. Although not formally legal tender in the German exclave Büsingen , it is in wide daily use there...

 
6.4%
 Canadian dollar
Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...

 
5.3%
 Hong Kong dollar
Hong Kong dollar
The Hong Kong dollar is the currency of the jurisdiction. It is the eighth most traded currency in the world. In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies...

 
2.4%
 Swedish krona
Swedish krona
The krona has been the currency of Sweden since 1873. Both the ISO code "SEK" and currency sign "kr" are in common use; the former precedes or follows the value, the latter usually follows it, but especially in the past, it sometimes preceded the value...

 
2.2%
 New Zealand dollar
New Zealand dollar
The New Zealand dollar is the currency of New Zealand. It also circulates in the Cook Islands , Niue, Tokelau, and the Pitcairn Islands. It is divided into 100 cents....

 
1.6%
Other 18.6%
Total 200%


The exchange rate
Exchange rate
In finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency...

 of the Swedish krona against other currencies has historically been dependent on the monetary policy
Monetary policy of Sweden
The monetary policy of Sweden is decided by Sveriges Riksbank, the central bank of Sweden. The monetary policy is instrumental in determining how the Swedish currency is valued.-History:The main events in the monetary history of the Krona are:...

 pursued by Sweden at the time. Since November 1992 a managed float regime has been upheld. The exchange rate has been relatively stable against the euro since its introduction 2002 (about 9-9.5 SEK per EUR), but from the second half 2008 the value of the krona has declined by around 20%, and had been oscillating between 10.4-11 SEK per EUR into the first half of 2009.. The primary reason for its declining value lies with the Riksbank, which has significantly lowered the interest rate, and has not acted to defend the exchange rate as of yet. . In the second half of 2009 and the start of 2010, the krona started to appreciate, during late 2010 and early 2011 it continued to appreciate at a quicker rate. The exchange rate is currently between 8.5-9 SEK per EUR.

The euro


According to the 1995 accession treaty, Sweden is required to join the eurozone
Eurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...

 and therefore must convert to the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...

 at some point. Notwithstanding this, on 14 September 2003, a consultative Swedish referendum was held on the euro, in which 56% of voters were opposed to the adoption of the currency, out of an overall turnout of 82.6%. The Swedish government has argued that such a course of action is possible since one of the requirements for eurozone
Eurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...

 membership is a prior two-year membership of the ERM II. By simply choosing to stay outside the exchange rate mechanism, the Swedish government is provided a formal loophole avoiding the theoretical requirement of adopting the euro.

Some of Sweden's major parties continue to believe that it would be in the national interest to join, but they have all pledged to abide by the results of the referendum for the time being, and have shown no interest in raising the issue again. There was an agreement among the parties not to discuss the issue before the 2010 general election
Swedish general election, 2010
A general election to the Riksdag, parliament of Sweden, was held on . The main contenders of the election were the governing centre-right coalition the Alliance and the oppositional centre-left Red-Greens coalition A general election to the Riksdag, parliament of Sweden, was held on . The main...

. After it a debate could start leading towards a new referendum in 2012 or later, though it is likely that one would be held considerably later than that. Polls in 2005 and 2006 generally showed about 55 percent of respondents being opposed and 45 percent in favour, not counting those who are unsure (about 15%). In a poll from May 2007, 33.3% were in favour, while 53.8% were against, and 13.0% were uncertain.

In Dagens Nyheter
Dagens Nyheter
is a daily newspaper in Sweden. It has the largest circulation of Swedish morning newspapers, followed by Göteborgs-Posten and Svenska Dagbladet, and is the only morning newspaper that is distributed to subscribers across the whole country. In 2009 DN had a circulation of 316,000, reaching 881...

, Fredrik Reinfeldt
Fredrik Reinfeldt
John Fredrik Reinfeldt is the Prime Minister of Sweden, leader of the liberal conservative Moderate Party and former President of the European Council...

, the Prime Minister of Sweden
Prime Minister of Sweden
The Prime Minister is the head of government in the Kingdom of Sweden. Before the creation of the office of a Prime Minister in 1876, Sweden did not have a head of government separate from its head of state, namely the King, in whom the executive authority was vested...

 stated that a new referendum on the euro issue will not be held until support is gained from the people and all the major parties, and as such that the time is at the discretion of the Social Democrats
Swedish Social Democratic Party
The Swedish Social Democratic Workers' Party, , contesting elections as 'the Workers' Party – the Social Democrats' , or sometimes referred to just as 'the Social Democrats' and most commonly as Sossarna ; is the oldest and largest political party in Sweden. The party was founded in 1889...

. He added that the request of Mona Sahlin
Mona Sahlin
Mona Ingeborg Sahlin is a Swedish politician and the former leader of the Swedish Social Democratic Party.Sahlin has been a Member of Parliament, representing Stockholm County, from 1982 to 1996 and again since 2002. She has also held various ministerial posts in the Swedish government from 1990...

, former leader of the Social Democratic Party, for deferral of a new referendum until after the 2010 mandate period should be respected.

See also

  • Monetary policy of Sweden
    Monetary policy of Sweden
    The monetary policy of Sweden is decided by Sveriges Riksbank, the central bank of Sweden. The monetary policy is instrumental in determining how the Swedish currency is valued.-History:The main events in the monetary history of the Krona are:...

  • Swedish National Debt Office
    Swedish National Debt Office
    The Swedish National Debt Office founded by the Riksdag of the Estates in 1789, is a Government agency in Sweden. The first task of the Debt office was to finance the War against Russia started by King Gustav III....

  • Table of historical exchange rates
    Table of historical exchange rates
    Listed below is a table of historical exchange rates relative to the U.S. dollar, at present the most widely traded currency in the world. An exchange rate represents the value of one currency in another. An exchange rate between two currencies fluctuates over time. The value of a currency relative...

  • Scandinavian Monetary Union
    Scandinavian Monetary Union
    The Scandinavian Monetary Union was a monetary union formed by Sweden and Denmark on May 5, 1873, by fixing their currencies against gold at par to each other...

  • Swedish rounding
    Swedish rounding
    Swedish rounding is rounding the basic cost of a purchase which is to be paid for in cash to the nearest multiple of the smallest denomination of currency...

  • Economy of Sweden
    Economy of Sweden
    The economy of Sweden is a developed diverse economy, aided by timber, hydropower and iron ore. These constitute the resource base of an economy oriented toward foreign trade...

  • Sweden and the euro

External links