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The Swedish Krona

The Swedish Krona has a 2.2 percent share in daily foreign exchange transactions and has been the currency of Sweden since 1873. But minting of the first Swedish coins goes back to the 10th century.

In the mid-17th century, Stockholms Banco became Sweden’s first bank. While the bank issued notes, it was a private bank under strong state regulation. Even though the bank was closed due to the general public’s loss of confidence at one point, in 1668 it was reestablished by the Swedish parliament as the Bank of the Estates of the Realm.

Even though inflation was increasing during the 18th century and promoting price stability became important, it took some time to establish the central bank. In 1867, the Bank of the Estates of the Realm changed its name to Sveriges Riksbank and became Sweden’s central bank. Later in 1897, Sveriges Riksbank was granted a monopoly on issuing banknotes.

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