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The krona (currency code SEK) has been the currency of Sweden since 1873. It is locally abbreviated kr. The plural form is kronor and one krona is divided into 100 öre (singular and plural, if not preceded by a number the plural becomes ören). The currency is sometimes informally referred to as the "Swedish crown" in English or the "couronne suédoise" in French. The introduction of the krona, which replaced at par the riksdaler riksmynt, was a result of the Scandinavian Monetary Union, which came into effect in 1873 and lasted until the First World War. The parties to the union were the Scandinavian countries, where the name was krona in Sweden and krone in Denmark and Norway, which in English literally means crown. After dissolution of the monetary union Sweden, Denmark and Norway all decided to keep the name of their respective and now separate currencies.
Coins1 krona coinImage:Swedish krona.jpg Five generations of 1 krona coins. The three first, from left, have the current king, Carl XVI Gustaf, the fourth has Gustaf VI Adolf and the fifth, Gustaf V. Six different versions of the Swedish one krona coin are still valid, from left to right: Other denominationsThere are also 2-kronor coins (minted 1952–1971) in circulation, although rarely seen. They have 31 mm diameter and look like the 1 krona coins from respective period (3 main variants). These contained 40% silver 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. In addition, all jubilee and commemorative coins are also legal tender. In the past there have also been ½ öre, 1 öre, 2 öre, 5 öre, 10 öre and 25 öre coins. These are no longer legal tender.
Banknotes
Changes
None of the banknotes are common in circulation, but the two variants of the 50 öre coin were, until 2005 just as common as the copper coin. [2] Commercial banks stopped accepting the old 50 öre coin on 30 April 2006, but continued accepting the invalid notes until the end of 2006. After that, the notes may still be exchanged at the central bank. The coins, on the other hand, formally lost their complete value when commercial banks stopped accepting them. As of March 15, 2006 there are security enhanced versions of the 50 and 1000 krona banknotes in circulation. Exchange rateThe exchange rate of the Swedish krona against other currencies has historically been dependent on the monetary policy pursued by Sweden at the time. Since November 1992 a managed float regime has been upheld. The euroAccording to the 1995 accession treaty, Sweden is required to join the eurozone and therefore must convert to the euro at some point. Notwithstanding this, on 14 September 2003, a consultative Swedish referendum was held on the euro, the result of which was ultimately a rejection of the common currency with 42% percent of voters in favour and 56% against with a voter turnout of approximately 80% (according to the BBC) [1]. The Swedish government has argued that such a line of action is possible since one of the requirements for eurozone 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 for the time being and show no interest in raising the issue again. There is an agreement among the parties not to discuss the issue before the 2010 general election. After it a debate could start leading towards a new referendum 2012 or later. It is likely that will be considerably later than that. Polls have under 2005 and 2006 shown figures in the neighbourhood of 45% yes and 55 % no, not counting people unsure (about 15 %). Current SEK exchange rates
See also
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