Swedish Krona Rates
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Latest Swedish Krona Rates
Please see our latest exchange rates page for the most up-to-date mid-market rate.
Recent Trading Range
In 2011, the Swedish Krona traded between 10.04 to 10.74 against the Pound.
Latest Swedish Krona Exchange Rate News
Please see our news section for the latest currency news affecting worldwide exchange rates. You can also visit our dedicated page on Money Transfers to Sweden, including timescales and information needed to make your transfer.
Overview - SEK
The Swedish Krona is the currency of Sweden and its ISO designation is SEK. It is also in circulation in the Åland Islands, alongside the official Finnish currency – the Euro. The Krona is subdivided into 100 öre, although in practice öre haven not been used since 2010, and while some goods are still priced in öre, these sums are always rounded up to the nearest Krona when actually paying in cash.
The Krona has been the currency of Sweden since 1873 and replaced the Riksdaler, as a result of the Scandinavian Monetary Union. The parties to the union were Sweden, with the Krona and Denmark and Norway, with the Krone, which in English literally means crown. The three countries were on the gold standard, with the Krona/Krone defined as 1/2480 of a kilogram of pure gold. After dissolution of the monetary union, Sweden, Denmark, and Norway all decided to keep the names of their respective and now separate currencies.
Historically the exchange rate of the Krona has been dependant on Swedish monetary policy and has been relatively stable. In recent years however the Swedish Central Bank – the Riksbank – has significantly lowered interest rates, and has not acted to defend the exchange rate, which has resulted in a weakening of the Krona against the Euro by over 20%.
As part of the 1995 Accession Treaty, Sweden is supposed to join the Euro at some point, but the people of Sweden voted against joining in a referendum in 2003. Recent polls have shown a slight move towards acceptance of the Euro, but a new referendum is not likely to be called until the people and the major political parties support the idea significantly more than they do at present – current levels are thought to be only 33%.