Archives

Currency in Sweden

Share on Twitter

The Swedish currency is known as “Svensk krona”, which means “Swedish Crown”. Just like in Norway and Denmark, the domestic currencies are using the concept of “krona”, but naturally, Norway and Denmark has “Norsk krona” and “Dansk krona” respectively.

Although Sweden is part of the EU, i.e. the European Union, she elected to not participate in currency cooperation, EMU, i.e. the European Monetary Union. As a consequence, Sweden never transferred to the Euro as currency. This has been a matter of major political discussions over the years, and the decision to not join the European Monetary Union was finally taken through a popular vote which decided for keeping the old currency.

Historically, the Swedish Krona, with it´s acronym SEK, has been going between 6,50-8,00 for 1 USD, although more extreme and short term periods have been reaching above 9,00 SEK per USD or as low as 5,50 SEK per USD.

The corresponding comparison versus the Swedish currency and the EUR is more stable. The Swedish Krona has normally been in the range of 8,80 – 9,50 SEK to the EUR.

At the time of writing this (Dec 2 2011), the SEK is a rather strong currency compared to historical rates, and the good financing of the country is mentioned as a good example to the rest of Europe, especially in these troublesome economical times, which of course strengthens the Swedish currency.

 

Share on Twitter