Kronor

The krona, plural kronor, is the official currency of Sweden. Its ISO currency code is SEK and the common symbol is kr. The currency is issued by Sveriges Riksbank and used throughout Sweden. Prices are shown in kronor, with öre historically serving as the subunit, although öre coins are no longer widely used in daily transactions.

History and origin: The krona was introduced in 1873 as part of the Scandinavian Monetary Union, alongside the Danish and Norwegian currencies, and was decimalized so that 1 krona equals 100 öre. The union, which linked currencies to gold, dissolved in the early 20th century, but the krona remained Sweden’s national currency. The name krona means crown in Swedish.

Denominations: In modern circulation, Sweden uses coins of 1, 2, 5, and 10 kronor, while banknotes are issued in 20, 50, 100, 200, 500, and 1000 kronor. The exact composition of coins and notes can change over time as the central bank updates the currency series.

Monetary policy and status: The krona floats on international foreign exchange markets, with its value determined by supply and demand and monetary policy decisions by the Riksbank, Sweden’s central bank. The Riksbank is responsible for issuing currency and regulating monetary policy, aiming to maintain price stability and financial stability.

Usage and scope: The krona is used exclusively in Sweden. While neighboring Nordic countries have their own currencies, the Swedish krona remains distinct from the currencies of Denmark, Norway, and Finland. The term krona also appears in other contexts as a literal translation of crown in Swedish.