The Krona is the official currency of Sweden and is also used in some parts of Estonia, Latvia and Lithuania. The currency is divided into 100 subunits called ore. The name ‘krona’ means ‘crown’ in Swedish.
The first Swedish coins were minted in the 13th century but it wasn’t until 1873 that a decimal system was introduced, with 100 ore to the Krona. In English, the currency is sometimes referred to as the Swedish Crown.
The Swedish Krona has been a freely floating currency since the early 1990s, and is now one of the most traded currencies in the world. The currency is managed by the Swedish Riksbank, which is the world’s oldest central bank.
Despite technically being required to be replaced by the Euro, a 2003 referendum saw a large majority of Swedes vote against the move. The Swedish Krona is therefore expected to remain the currency of Sweden for the foreseeable future.