Order Swedish Krona Online - Buy Sweden Krona

Sweden established the krona, or SEK, as its official currency in 1873 when the country joined the Scandinavian Monetary Union with Norway and Denmark, a membership it would maintain until the organization was dissolved in 1914 at the start of World War I. The krona replaced the riksdaler riksmynt that had been the basis of the currency prior to Sweden's joining the Scandinavian Monetary Union, and this created a decimal system for the money. Historically the Swedish krona's exchange rate has depended largely on the monetary policy pursued by the country. The government decides what the exchange rate is for the country, while the central bank (Riksbank) determines how that regime is applied. A floating system of currency has been maintained since November 1992, and since the euro was first introduced in 2002, the exchange rate has remained mostly static.

The conversion rate between the British pound and the Swedish krona remained entirely static between 1950 and 1967 at 14.485 GBP to SEK . At that point the conversion rate began to fall, although it stayed in double digits over the next seven years. In 1977,the conversion rate fell to 7.818 GBP to SEK, the lowest rate in the currency's history. By 1981, however, the conversion rate again hit double digits and has not fallen below 10 GBP to SEK since that point. The rate was relatively stable throughout the 1980s and 1990s, and by 1997 it averaged 12.499 GBP to SEK. The conversion rate has not fallen below 13 GDP to SEK since 1998 and reached 14.869 GDP to SEK in 2001, the highest rate in its 128 year history.

The conversion rate has changed very little in the recent past, averaging approximately 13.5 GDP to SEK for the last couple of years. Although the introduction of the euro in 2002 brought with it a relatively stable exchange rate, the Swedish krona's value declined by about 20% in the latter half of 2008, primarily because the Riksbank significantly lowered the official interest rate without trying to defend the exchange rate. During that same period a 12 GDP to SEK rate was the average. Because the krona is pegged to the US dollar and the United States was the root of the current global economic crisis, the Krona has dropped in value. Numbers are expected to rise in the future though as the economy seeks improvement.