2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
The Kingdom of Sweden, a Scandinavian state, joined the European Union twenty years ago. But today the Swedish krona, the national currency of the country, continues to “walk” in the country. Banknote denominations - from 20 to 1000 Swedish kronor. Along with it, the euro is used. Today Sweden is one of the countries with the most stable economy, respectively, the Swedish krona is also considered a strong currency.
The appearance of the crown
During the accession to the European Union, most of the country's inhabitants voted for the Swedish krona to remain in use, but there was no euro.
The Swedish krona is the currency of the country of the same name. At the beginning of the 16th century, the means of payment in this state were called riksdaler. They became monetary at the very beginning of the 17th century, while the value was not indicated and was written by hand.
The end of the 19th century was marked by the emergence of the Monetary Union of the Scandinavian countries. It also includes Denmark and Norway. This is how the crown, the new name for the currency of the Swedes, appeared. The start of the First World War put an end to the unification, the Union collapsed, but the names of the country's national currencies were retained.
In translation, "crown" is a crown. Therefore, it is shown inmost of the coins of this country. It is believed that this money is one of the most beautiful.
In the 50s of the XX century, the rate of Swedish money was tied to the value of the US dollar. At the end of the 80s of the XX century, the National Bank forms the rate of national money, based on the indicators of the multicurrency basket.
The exchange rate of the Swedish krona to the US dollar today is about 8, 42 kroons.
Denominations of banknotes and coins
The inhabitants of the country designate their money like this - kr.
Spelling worldwide - SEK.
There are one hundred öre in one crown.
Today there are bills in everyday life:
- 20 crowns. One side is the author of a large number of fairy tales, Selma Lagerlöf. On the other hand, Nils, the hero of one of her books.
- 50 crowns. On the banknote you will find Jenny Lind (opera singer).
- 100 crowns. Picture of Carl Linnaeus.
- 500 crowns: King Charles XI and Swedish inventor and industrialist Christopher Polhema are depicted.
- 1000 crowns: view of Gustav Vasa, ruler of Sweden.
Coins exist for 1, 5, 10 SEK.
Early last year, the country's National Bank decided to make adjustments to the images and denominations of the currency. This resulted in a 200 SEK note and a 2 SEK coin.
The bank announced the appearance of banknotes with new types. According to rumors, the banknotes will feature portraits of three women and three men. With this, the bank wants to demonstrate gender equality.
Should I take cash
Today Sweden is considered a we althy country with a stable economy andpolitical device. As a result, its currency is perhaps the most reliable.
As already mentioned, the country joined the European Union, but its citizens did not recognize the euro and decided that they would continue to use their currency. The euro, however, remained as a means of payment.
In Sweden everywhere will accept a plastic card. In addition, the country has a large network of ATMs operating around the clock. If you urgently need to withdraw an amount not exceeding 2000 SEK, this is done at the checkout of any store when paying for goods with a card. Here it is only important to remember the exchange rate of the Swedish krona in relation to the ruble in order to calculate how much they will deduct from your card in ruble terms.
Walking in the country of the euro
If you don't have a card, feel free to travel to Sweden with European currency. Most shops, catering establishments, hotels will accept euros, especially if located in tourist areas. But be aware: the cost of the commission will be unfavorable, so the Swedish krona to the euro is not a profitable exchange if you change it at the establishment.
In order for the exchange rate to be profitable, change the currency at exchange points. True, today not all banks make this exchange.
There are exchange offices in every city. Opening hours from 07-00 to 19-00 daily, seven days a week. Whereas credit institutions work only on weekdays and only until 15-00.
Import and export
You can import and export any kind of currency into the country unlimitedly.
Fromcountries to export foreign currency can also be without restrictions. But Swedish kronor is allowed for export no more than 6,000.
Currency rate
The dynamics of the exchange rate of the Swedish krona to other currencies changes every day. Therefore, if you are going to Sweden, check their ratio again before the trip.
Today 10 SEK equals 1.2 US dollars. Or one crown is equal to 0.12 US dollars.
Swedish krona to ruble: today for 9.3 rubles you can buy one Swedish krona.
One kroon is equal to 0.11 of the European currency. And for one euro they will give you 9.5 crowns.
Therefore, the Swedish krona to the euro is the best exchange option.
Krone and ruble
The exchange rate of the SEK against the Russian ruble is floating. So, if on January 1, 2016 the exchange rate was 8.67 rubles. for 1 kroon, today the growth has amounted to 9.3 rubles. for 1 SEK. It should be taken into account that these values may be different at the beginning and at the end of the trading day. The Swedish krona against the ruble is thus strengthening. This suggests that the ruble is losing its position not only against common currencies, but also against all others.
Crown Power
According to world analysts, the Swedish krona is almost the most stable currency. This is because Sweden is a country with a very strong economy, where the government strictly monitors the level of public debt, trade balance and budget.
The monetary policy of other states, according to experts, has many shortcomings that the rulerswant to close by issuing new banknotes. This fact negatively affects the stability of the national currencies of such countries, while benefiting the currency of Sweden.
The krone has appreciated strongly against the Japanese yen lately.
Today, Sweden has a floating exchange rate, which fluctuates based on the situation in the foreign exchange and stock markets.
Stability of exchange rate
SEK is in the top ten most popular currencies used in international payments. At the same time, it is considered the most highly liquid currency, the turnover of trade in the foreign exchange market is about $30 billion.
The national currency of Sweden is on the list of seventeen currencies that are included in the CLS payment system. This system was created primarily to eliminate the market risk associated with transactions in the foreign exchange market (the so-called Herstatt risk).
Most experts agree that together with the Canadian and Australian dollars, the Danish and Swedish krona are the most stable and predictable currencies today.
Swedish kroner is highly dependent on government economic and financial policies. It was previously mentioned that in the early 1990s, a floating rate was established. And until 2002, it remained the same for all currencies. But after that, until the next crisis in 2008, he maintained his stability in relation to the euro.
Results of the crisis: lowering the interest rate by the National Bank. Eventuallykrone lost about 20% in value. No attempts were made to strengthen its bank. This was done to weaken the national currency and reduce export prices, which increased its competitiveness.
The value of the Swedish krona is rising today. This is influenced by the stability of the economy, the budget surplus and the reduction of public debt.
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