SEK

SEK is the ISO 4217 code for the Swedish krona, the official currency of Sweden. The krona was introduced in 1873 as part of the Scandinavian Monetary Union and was decimalized so that 1 krona equals 100 öre. In modern usage, öre coins are no longer used in everyday cash transactions, though the subunit remains in accounting and pricing.

The currency is issued by Sveriges Riksbank, Sweden’s central bank. The Riksbank is responsible for monetary policy, maintaining financial stability, and managing the country’s payment systems, including the issuance of banknotes and coins. The krona operates in a fiat, floating exchange rate regime, with its value influenced by market forces and the central bank’s policy actions.

Current denominations include coins of 1, 2, 5 and 10 kronor, and banknotes of 20, 50, 100, 200, 500 and 1000 kronor. The krona is widely used in Sweden for everyday transactions, though the country has seen a significant shift toward cashless payments in recent years.

Economically, SEK is a liquid currency traded in international markets, but it is not considered one of the world’s major reserve currencies. The krona’s value reflects Sweden’s macroeconomic conditions, including inflation, growth, and monetary policy expectations set by the Riksbank.

Overall, the SEK represents Sweden’s modern monetary system: a long-standing decimalized currency issued by a historic central bank, with a contemporary emphasis on price stability and broad acceptance for domestic transactions and international finance.