SEK (Swedish Krona)

AAA

DEFINITION of 'SEK (Swedish Krona)'

The currency abbreviation for the Swedish krona (SEK), the currency for Sweden. The Swedish krona is made up of 100 öre and is often presented with the symbol kr. The krona, which means "crown" in English, is also known in Sweden as the "spänn" or "kosing".

INVESTOPEDIA EXPLAINS 'SEK (Swedish Krona)'

The Swedish krona replaced the riksdaler riksmynt at par in 1873, when the Scandinavian Monetary Union was formed. This union of Sweden, Denmark and Norway used the gold standard to value the krona at 1/2,480 of a kilogram of gold. After WWI and the break-up of the union, the currencies were separated, and Sweden kept its own respective krona.

Since 1992, the exchange rate has been allowed to float against other currencies, with the central bank intervening when necessary to stabilize the krona's value.

RELATED TERMS
  1. Forex Futures

    An exchange-traded contract to buy or sell a specified amount ...
  2. Authorized Forex Dealer

    Any type of financial institution that has received authorization ...
  3. Currency

    A generally accepted form of money, including coins and paper ...
  4. Forex - FX

    The market in which currencies are traded. The forex market is ...
  5. Quote Currency

    The second currency quoted in a currency pair in forex. In a ...
  6. Base Currency

    The first currency quoted in a currency pair on forex. It is ...
Related Articles
  1. Currency Exchange: Floating Rate Vs. ...
    Forex Education

    Currency Exchange: Floating Rate Vs. ...

  2. Iceland's Near Collapse: What Can We ...
    Options & Futures

    Iceland's Near Collapse: What Can We ...

  3. How Bitcoin Casinos Work
    Investing Basics

    How Bitcoin Casinos Work

  4. Bitcoin Is Taking A Nosedive
    Investing News

    Bitcoin Is Taking A Nosedive

Hot Definitions
  1. Halloween Strategy

    An investment technique in which an investor sells stocks before May 1 and refrains from reinvesting in the stock market ...
  2. Halloween Massacre

    Canada's decision to tax all income trusts domiciled in Canada. In October 2006, Canada's minister of finance, Jim Flaherty, ...
  3. Zombies

    Companies that continue to operate even though they are insolvent or near bankruptcy. Zombies often become casualties to ...
  4. Witching Hour

    The last hour of stock trading between 3pm (when the bond market closes) and 4pm EST. Witching hour is typically controlled ...
  5. October Effect

    The theory that stocks tend to decline during the month of October. The October effect is considered mainly to be a psychological ...
  6. Repurchase Agreement - Repo

    A form of short-term borrowing for dealers in government securities.
Trading Center