The Scandinavian Monetary Union was a fixed exchange rate system—based on the gold standard—between Sweden and Denmark. While member countries still had their own currencies, the Union ensured exchange rate stability. According to the 1994 accession treaty (effective 1 January 1995), Sweden is required to join the eurozone and therefore must convert to the euro once the convergence criteria are met.
SEK and Negative Interest Rates
Still, global uncertainties, especially during threats of an international trade war, have led to some losses for the safe-haven krona over the last four years. A looser economic policy has led to overall weakness in the Swedish krona in the four years from 2015 to 2019. Although many expect the krona to eventually rebound strongly, some have called understanding inverse price for a switch to the euro given the krona’s global sensitivity.
The currency code for Kronor is SEK, and the currency symbol is kr. Below, you’ll find Swedish Krona rates and a currency converter. The 10,000 krona banknote was always printed in small quantities as it was one of the most valuable banknotes in the world. The first design featuring the Head of Mercury was printed in 1939 and became invalid after 31 December 1987.
EUR/SEK is Scandinavia’s most significant exchange rate. The krona, which means crown in Swedish, has been Sweden’s currency since 1873 and is also expressed by the symbol KR. Sweden abandoned the öre coin, so prices are typically rounded up to the nearest krona. The E-krona is a digital currency controlled by the Riksbank. The E-krona hasn’t officially been adopted because cash is still in use in the country. However, in the future, it’s possible that cash payments will be eliminated altogether.
Current SEK exchange rates
The Xe convert british pounds to danish kroner Rate Alerts will let you know when the rate you need is triggered on your selected currency pairs. Live tracking and notifications + flexible delivery and payment options.
kr1.000 SEK = $0.09655 USD
The krona has been the currency of Sweden since 1873. The plural form is kronor and the currency is sometimes informally referred to as the “Swedish crown” in English. The Swedish krona also circulates in Aland alongside the official currency, the Euro. In July 2009, Sweden became the first country to experiment with negative interest rates when the Swedish Central Bank briefly lowered its deposit rate for commercial banks to below zero. Initially, the SEK strengthened; pundits saw it as a positive that Sweden was taking a strong initiative to correct the economy amidst the Great Recession of 2007 to 2009.
USD to SEK Chart
The following chart shows the SEK/USD, DKK/USD, and NOK/USD on one chart; they tend to move together, though at certain times one may be stronger than the others. Sweden was expected to join the cfd liquidity providers: what they are and how to choose one eurozone, and adopt the euro, as part of the EU accession treaty of 1995. However, the majority of politicians and citizens have not been in favor of adopting the euro. Therefore, there is no urgency to give up the krona, and as of 2022, there are no plans to switch over to the euro.
The SEK and the euroUnder the 1994 Accession Treaty, Sweden is supposed to join the Eurozone and adopt the euro. In 2003, however, a referendum was held, resulting in 56% opposition to joining. There is still much debate whether it would be in the best interest for the country to join and as such, has delayed the adoption of the euro. To see how circulation of the Swedish krona ranks compared to other currencies see Bank for International Settlements#Red Books. Check live rates, send money securely, set rate alerts, receive notifications and more. Investopedia does not provide tax, investment, or financial services and advice.
When the banknote is tilted, the picture in the striped band appears to move.[27] The Vasa banknote without security thread became invalid after 31 December 2013 at which time there was only 10 million in circulation. The Vasa banknotes with the security thread became invalid after 30 June 2016 at which time there was under 4 million in circulation. Replacement banknotes featuring Dag Hammarskjöld became valid on 1 October 2015, but were circulated in considerably fewer quantities (less than 3.5 million), thus reducing the supply of cash in Sweden.
The banknote became invalid after 31 December 2013. A more secure version with the same portrait was printed from 2006 to 2011 and became invalid after 30 June 2016. Early Currency in SwedenDuring the medieval period, Sweden used silver currency. In 1625, however, copper coins were introduced and the currency system was switched to a bimetallic standard. In 1745, Sweden suspended its copper standard, issued irredeemable banknotes, and imposed an in-convertible paper standard. Due to inflation and major economic problems, the currency depreciated and Sweden returned to the silver standard system in 1776.
- A looser economic policy has led to overall weakness in the Swedish krona in the four years from 2015 to 2019.
- The circulation levels in the table above were reported to the Bank for International Settlements.
- Under that law, the final date payments could be made with 50-öre coins was 30 September 2010.
- The second design was printed 1958 and featured a portrait of Gustav VI Adolf, and became invalid after 31 December 1991.
There was an agreement among the parties not to discuss the issue before the 2010 general election. In a poll from May 2007, 33.3% were in favour, while 53.8% were against and 13.0% were uncertain. To see where Swedish krona ranks in “most traded currencies”, read the article on the Foreign exchange market. Create a chart for any currency pair in the world to see their currency history. These currency charts use live mid-market rates, are easy to use, and are very reliable. The U.S. dollar is the currency most used in international transactions.
SEK (Swedish Krona): What it Means, How it Works
The information is presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Investing involves risk, including the possible loss of principal. The Swedish krona (SEK) is the official currency of Sweden. If the rate falls to 0.10, the SEK has decreased in value relative to the USD. The SEK is strongly correlated with its Scandinavian counterparts, the Danish krone (DKK) and the Norwegian krone (NKK).
The second design was printed 1958 and featured a portrait of Gustav VI Adolf, and became invalid after 31 December 1991. The royal motto of the monarch is also inscribed on many of the coins. A new 5-kronor coin was designed in 1974, at a time when there were political efforts to abandon the monarchy and the young inexperienced king.[citation needed] 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. The government has said it will not bring a new referendum on the issue until it has sufficient popular support, but the appetite for the euro has only decreased. Although there is still occasional debate on the subject, it appears there are no plans for conversion anytime soon.
A 20-kronor banknote (a new denomination) was printed 1991–1995 with a portrait of the writer Selma Lagerlöf and on the reverse was an engraved interpretation of a passage from the book The Wonderful Adventures of Nils. A more secure version with the same portrait was printed from 1997 to 2008 and became invalid after 30 June 2016. Since the early 1990s, the exchange rate has been allowed to float against other currencies, with the central bank intervening when necessary to stabilize the krona’s value. Banks often advertise free or low-cost transfers, but add a hidden markup to the exchange rate. Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers. Our currency rankings show that the most popular Swedish Krona exchange rate is the SEK to USD rate.
In 1939, a few days before the start of WWII, Sweden had pegged the krona to the U.S. dollar. Other countries also have currencies that are called “crown.” In Norway, the currency unit is known as the krone. In the Czech Republic, the currency unit is called the koruna. In their respective languages, both of these words can be translated as “crown.” Production of the 5-kronor note ceased in 1981, although a coin had been issued since 1972. With the introduction of a 10-krona coin in 1991, production of 10-kronor notes ceased and a 20-kronor note was introduced.
