SEK/PLN exchange rates

The Swedish krona became the official currency of Sweden in 1873, when it joined the Scandinavian Monetary Union, which also included Norway and Denmark. Prior to that, Swedish thalers had been in use since 1534. However the Swedish krona as we know it today was introduced into circulation only a few hundred years later. World War I freed the SEK currency from the gold rate, which resulted in the collapse of the Scandinavian Monetary Union. This caused inflation to rise, and the Riksbank took a number of measures, including setting a price stability target as the standard for Swedish monetary policy. However, in 1933 the Swedish krona was pegged to the pound exchange rate, to then the US dollar. This continued until the collapse of the Bretton Woods system, the breakup of which again shook the stability of the economy. This was the impetus for cooperation with the European Community. A historic date came in 2014, when Sweden’s central bank decided to cut its benchmark rate to 0 percent in order to lift inflation in the country. Never before had interest rates been so low in Sweden. However, subsequent months showed that inflationary pressures were still too low, at which point a negative interest rate was introduced.

The Riksbank, issuer of the Swedish krona, is the oldest central bank in the world, and Sweden was the first country to issue paper money.

Currently the Swedish krona has a very strong position in the country – in a national referendum Swedes rejected the proposal to adopt the euro as the official currency. SEK currency in circulation currently has coins with denominations of 1, 2, 5 and 10 SEK. On the obverse of the Swedish currency you will find the image of King Carl XVI Gustav (except for the 5 SEK coin). The new coins have been in force since 2016, and their design was chosen on the basis of a competition. The denominations of 1 SEK and 2 SEK coins are made of copper-plated steel, which gives them a distinctive reddish hue. SEK 5 and SEK 10 are made of Nordic gold, which does not mean that the alloy contains real gold. The Swedish krona banknotes have also recently undergone a facelift. In 2011, Sweden’s central bank announced a competition to design new banknotes, with specific guidelines. Eventually, the new design of Swedish krona was introduced gradually until 2016. On the obverse of the Swedish currency we can admire the landscapes of different regions of this Scandinavian country. While the reverse of the Swedish krona is decorated with images of famous artists and the Secretary General of the United Nations, on the 1000 SEK banknote.

Swedes in a national referendum rejected the adoption of the common currency euro, but in many parts of the country it is accepted virtually on par with the Swedish krona. Interestingly, Sweden’s currency may soon begin to be issued in a virtual version. The Riksbank is considering this possibility due to the fact that Swedish krona in cash is no longer accepted in an increasing number of shops and service points.