#1 krona to euro

[auroraliiga]

Sanni Hakala and her wife, Danny Stone

Finnish national team player and HV71 captain Sanni Hakala was severely injured in a collision with a goal post during a Swedish Women's Hockey League (SDHL) match last month. The accident left her paralyzed from the chest down, ending her ice hockey playing career and presenting many new challenges.

If you are able, please donate to the GoFundMe established in her name to help cover her extensive medical expenses. The fundraiser is in Swedish krona (kr or SEK), which is easily converted to US dollars (US$1 ≈ 10kr) or Euros (1€ ≈ 11kr).

[hugepolecat3298]

it has been 1 year since the genocide in gaza (and now the west bank, lebanon and syria) has started, here are the gofundmes of everybody who has reached out to me and still hasn't met their goal

@abood-gaza5: $14,350/40,000 (usd) (verified)

@hazem-suhail: €11,334/50,000 (eur) (verified, #75)

@ahmadallouhahmad: €6,146/50,000 (eur) (verified)

@dodooomar (free-gaza2): kr247,030/300,000 (sek) (verified)

@maria-gaza1: $8,225/30,000 (cad) (verified)

@hashemabd (hashem1979): $2,926/30,000 (usd) (verified)

@wafaaresh6: $36,885/50,000 (usd) (verified)

@ahmadresh2: $19,965/31,000 (usd) (verified)

@fidaa-family2: $46,095/75,000 (usd) (verified)

@lendaabdalhadi: €420/30,000 (eur) (verified, #85)

@aseelo680 (aseel738): $43,037/50,000 (usd) (verified)

@mohammedkhatip: $687/10,000 (usd) (verified, #209)

@yasermohammad (mohammadayyad): €25,481/35,000 (eur) (verified)

@mayadayyad81: $42,882/50,000 (usd) (verified)

@falestine-yousef: $26,491/40,000 (usd) (verified, #246)

please keep the currency in mind when you donate, gofundme (unlike some services like paypal) doesn't automatically convert currencies and for weaker currencies like the krona you could accidentally send in the equivalent to pennies when you meant to donate more. 1 united states dollar = 0.91 euro = 1.36 canadian dollar = 10.35 swedish krona

[bonesandthebees]

ICELAND HIGHLIGHTS!!! PT 1

a fun anecdote from the iceland trip is i met someone on the flight who was super cool!! i looked over to her and saw her reading a spiderman comic from tumblr and i was just like ayo 👀👀👀 but was too shy at first to say anything but then later on... ider how but i think it was like turbulence or smth and we ended up making the same expression and laughing together and i got the courage to talk to her and we exchanged discords and stuff it was really neat!! :))

cool wall art from the reykjavik airport !!

iceland is... really rainy LMFAO like. super rainy lol. i did not know this ahead of time HAHAHAH

it was really funny bc the rest of the trip was like 30 degrees (86 fahrenheit) + heat warning + blistering sun

but then iceland was 10 (50f) degrees, intense rain, wind, cold so cold HAHAHAH

and then denmark after that was 20 (68) but rainy lmaooo

i at least packed a pair of pants and a rain jacket and i could borrow my aunts winter jacket but yeah it was wild lolll

another thing is no trees!!! when the vikings first came over to iceland the tree population went from 40% of the island to less than 1% in under 100 years

it's very eerie not having any trees hahaha

look at the money!!! very diff i like it

the conversion is nice and easy too lol. 500 icelandic krona equals 5 cad

cool church downtown:)

downtown was super cute!!! i spent hours there just going from store to store lmao. they had so many souvenir stores lmaooo

i saw this street and HAD to take a photo

i dont even play bg3 but KDJSFKJDSF

oh I'm so jealous you ended up making friends on the plane. sometimes I really want to chat with the person next to me but I'm too socially anxious so I end up just staring dramatically out the window with my headphones on like an indie movie character for the entire flight lol

godddd the rain and chilly weather sounds so nice. I love that kind of weather so I'd probably adore iceland. also that landscape looks so gorgeous but also it's so strange to not see any trees. have there been any major reforestation efforts to replant trees or was the population just so decimated by the vikings it can never really go back to the way it was?

obsessed with that woman's hat on the dollar. that's also a super easy conversion very easy to think about vs when I'm using the euro and I'm like "alright how close are the euro and the us dollar at this time of year"

that church is GORGEOUS especially the outside holy shit. it looks like the kind of building you'd see in a dystopian movie or something.

man from your pics reykjavik looks so cute I want to visit so badly. all those little shops look so fun

lmaooooo the bg3 fans need to make pilgrimages to reykjavik now

[friendshapedplant]

Dear friends,

I am reaching out to you with urgency and hope. The situation here in Gaza has become incredibly difficult, and my wife Dalia and I find ourselves in need of support to meet our basic needs. 😟

We are doing our best to push through, but the reality can be overwhelming. Finding food and healthcare has become a serious challenge. 🥵💕

If you can help in any way—be it financial support or connecting us with available resources—it would truly change our lives. Every bit helps. 🙏

I appreciate your time and care. Having your support during these tough times means everything to us. 💖With warm regards,

Hello Dr. Hamad, I will do what I can.

Apollos-Olives claims Ahmed Hamad's gfm is verified by a fellow Palestinian raising funds, Ahmed Alanqar (current account ahmedabuyamin), who is 174 on the vetted fundraiser google sheet. I can not find this myself but I will trust their word!

It's very low on funds, having only 191 of the needed 200K SEK (10 krona is roughly 1 dollar/euro, give or take, in case that sounds like a lot more than other gfms)

[yaso711]

Currency Exchange Today

The RMB index fell across the board, the yen fell below the important index line, and the dollar rose sharply

Raw Trading Ltd

On August 14, the central parity rate of RMB against the US dollar was lowered by 99 basis points to 7.1686. On August 11, the CFETS RMB exchange rate index was 97.47, up 0.01 on a weekly basis.

The People's Bank of China authorized the China Foreign Exchange Trade System to announce that the central parity rate of the RMB exchange rate in the interbank foreign exchange market on August 14, 2023 is: 1 US dollar to RMB 7.1686, 1 euro to RMB 7.8988, 100 yen to RMB 4.9992, and 1 Hong Kong dollar RMB 0.91701, GBP 9.1756, Australian dollar 4.6973, New Zealand 4.3323, Singapore dollar 5.3454, Swiss franc 8.2447, Canadian dollar 5.3883 Yuan, 1 yuan to 0.63687 Malaysian ringgit, 1 yuan to 13.7208 Russian ruble, 1 yuan to 2.6171 South African rand, 1 yuan to 183.44 Korean won, 1 yuan to 0.50803 United Arab Emirates dirham, 1 yuan to 0.51897 Saudi Riyal, RMB 1 to 48.3990 Hungarian Forint, RMB 1 to 0.56081 Polish Zloty, RMB 1 to 0.9419 Danish Krone, RMB 1 to 1.4974 Swedish Krona, RMB 1 to Norwegian Krone 1.4422, RMB 1 yuan to 3.74259 Turkish lira, 1 yuan to 2.3510 Mexican pesos, 1 yuan to 4.8507 baht.

IC Markets

The yen fell to its lowest level this year against the dollar on Monday, breaching the key 145 level, before regaining some ground as traders cautiously looked for cues on possible intervention, while the greenback rallied to a more than one-month peak.

The yen fell to as low as 145.22 per dollar in early Asian trade, its weakest since Nov. 10, before quickly reversing course amid a choppy start to the week. It was last at 144.92, up 0.03%.

Low yields in Japan make the yen an easy target for short sellers and financing deals, while widening interest rate differentials between Japan and the U.S. have contributed to persistent yen weakness.

Japan intervened in currency markets last September when the dollar rose above 145 yen, prompting the Ministry of Finance (MOF) to buy yen and push the yen back to around 140 yen. The yen has fallen nearly 10 percent against the dollar this year.

ANZ analysts said the resilience of the US consumer will be in focus following the release of retail sales data for July, with higher fuel prices and tighter credit conditions expected to have an impact.

The U.S. dollar index , which measures the greenback against six currencies, rose 0.097% to 102.95, after touching a more than one-month high of 103.02

The euro was down 0.12% at $1.0931 and the pound was down 0.15% at $1.2675.

The Australian dollar was down 0.42% at $0.6470 and the New Zealand dollar was down 0.36% at $0.5963. Earlier in the session, both Australian currencies fell to their lowest levels since November. The currencies were weakened by disappointing trade and inflation data from China, the biggest buyer of its resource exports.

Chris Weston, head of research at Pepperstone, said that while sentiment towards China has eased, this week's high-frequency Chinese data may only need a small move to elicit a strong upward reaction in Chinese indicators.

[nsebullcom]

Why 'King Dollar,' benefiting from financial instability fears, can stay high this year

The U.S. dollar’s resurgence in recent months can be boiled down to fears of financial instability, according to an analysis by the Wells Fargo Investment Institute. The dollar rose dramatically in 2022 as stocks and other financial assets dropped as the Federal Reserve began raising rates at one of the quickest clips in decades, with a surging greenback wreaking havoc around the world. While its dominance slightly waned in early 2023, the dollar shot higher again in March and May. A look at the ICE U.S. Dollar Index DXY, -0.06% (red dots in below chart) shows its advance after the collapse of Silicon Valley Bank sparked fears of a broader regional banking crisis, while traders began pricing in almost a 1% drop in the Fed’s policy rate (blue line). The dollar climbed sharply in March and May on the back of fears of banking instability and as the U.S. debt-ceiling debate went down to the wire. Wells Fargo Investment Institute, Bloomberg The DXY index was up 0.1% Monday to 103.64, while gaining almost 1% from a month ago, according to FactSet. The index measures the U.S. dollar against the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc. The dollar’s pullback from its September peak prompted some speculation about whether the dollar might eventually lose its crown as the world’s reserve currency, as MarketWatch’s Joseph Adinolfi wrote in April. The dollar gained in March when the financial system looked vulnerable to stress from regional banks, including as the KBW Regional Banking Index KRX, -0.72% declined. But it backed off again in May, until the U.S. debt-ceiling fight threatened to leave the U.S. short on paying its bills. Treasury Secretary Janet Yellen initially warned Congress that might happen as soon as June 1, without a U.S. debt-ceiling deal, but later revised it to June 5. Default averted The dollar has stayed elevated in June after a debt-ceiling resolution was hashed out, avoiding a catastrophic U.S. default. Fed-fund futures also recently point to only a single, 25-basis-point rate cut this year. That might suggest markets now more fully agree with the Fed’s guidance of no rate cuts in 2023. But Peter Wilson, global fixed-income strategist at the Wells Fargo Investment Institute, thinks the “mystery” behind why the fed-funds futures market was pricing in dramatic rate cuts earlier this year, despite consistent Fed messaging “to the contrary,” was likely related to hedging activity. Specifically, he pointed in a client note Monday to a “need to hedge against the non-negligible risk that something breaks,” as a catalyst for the mismatch, since financial instability could force the Fed to respond with lower rates. “Now that these risks have faded, it is reasonable that the futures market is pricing less than one 25 basis-point cut by year end, and the dollar has risen back into the top half of its 2023 trading range,” Wilson wrote. However, his team also expects the Fed to raise rates at least once more this year, and to keep them at peak levels until 2024, which also should result in the dollar sticking to a higher trading range through December and “only showing a clearer depreciation trend in 2024.” The Wells Fargo strategy team said a soft landing for the U.S. economy looks to be unsuccessful, and expects a recession to occur before inflation is under control. Stocks closed higher Monday, ahead of a key inflation reading on Tuesday and the Fed’s rate decision on Wednesday. The Nasdaq Composite Index COMP, +1.53% and S&P 500 index SPX, +0.93% closed at their highest levels since April 2022, while the Dow Jones Industrial Average DJIA, +0.56% climbed for a fifth session in a row. The S&P 500 climbed out of a long bear market last week, which has been fueling a bullish shift among more equity investors, despite the continued threat of recession. Fed officials this week are expected to skip a June rate hike, but are expected to consider additional rate increases beyond the current 5%-5.25% policy range. Related: It’s a ‘bull market’ for stocks. Here’s what that means. Source link Read the full article

[giavangtructuyen24h]

Tỷ giá Krona Thụy Điển hôm nay. Đổi tiền Thụy Điển ở đâu?

Krona Thụy Điển (SEK) là đơn vị tiền tệ chính thức của Thụy Điển. Vậy cụ thể, 1 SEK bằng bao nhiêu tiền Việt Nam? Cách đổi tiền Thụy Điển sang tiền Việt Nam như thế nào? Hãy cùng giavang.com cập nhật tỷ giá mới nhất ngày hôm nay bài viết dưới đây. Tỷ giá tiền Thụy Điển hôm nay Mặc dù là một quốc gia Bắc Âu, Thụy Điển sử dụng đồng Krona làm tiền tệ chính thức; đồng Euro hiếm khi được sử dụng tại…

[weedle-testaburger]

occasionally I remember the uk has had a decimal currency for less than 50 years and it really weirds me out

[payenium]

What are the most traded currencies in the world?

1. US dollar (USD) 44.15% 2. Euro (EUR) 16.14% 3. Japanese yen (JPY) 8.4% 4. Pound sterling (GBP) 6.4% 5. Australian dollar (AUD) 3.38% 6. Canadian dollar (CAD) 2.52% 7. Swiss franc (CHF) 2.48% 8. Chinese renminbi (CNH) 2.16% 9. Hong Kong dollar (HKD) 1.77% 10. New Zealand dollar (NZD) 1.04%

1. US dollar (USD) Issued by the Federal Reserve (Fed), the US dollar is the official currency of the United States. It is the number one most traded currency globally, accounting for a daily average volume of US$2.9 trillion.

2. Euro (EUR) The euro is the official currency of the European Union (EU) and the second most traded globally, accounting for a daily average volume of nearly US$1.1 trillion. It is issued by the European Central Bank (ECB).

3. Japanese yen (JPY) The Japanese yen is the official currency of Japan and the third most traded globally, accounting for a daily average volume of US$554 billion. It is also the third biggest reserve currency – estimated to make up around 4.9% of global currency reserves. It is issued by the Bank of Japan (BoJ).

4. The pound sterling (GBP) The pound sterling is the official currency of the United Kingdom and its territories, and the fourth most traded globally at a daily average volume of nearly US$422 billion.1 It is also the fourth biggest reserve currency – estimated to account for 4.5% of global reserves by value.

5. Australian dollar (AUD) The Australian dollar is the official currency of the Commonwealth of Australia and the fifth most traded globally, accounting for a daily average volume of US$223 billion. The currency is the sixth most commonly held reserve currency – estimated to account for 1.8% of global reserves by value. It is issued by the Reserve Bank of Australia (RBA)

6. Canadian dollar (CAD) The Canadian dollar is the official currency of Canada and the sixth most traded globally, accounting for a daily average volume of US$166 billion. The currency is the fifth most commonly held reserve currency, at 2.02% of global reserves by value. It is issued by the Bank of Canada (BoC).

7. Swiss franc (CHF) The Swiss franc is the official currency of Switzerland and the seventh most traded globally, accounting for a daily average volume of US$164 billion. It is also the eighth most commonly held reserve currency, at 0.18% of global reserves by value. It is issued by the Swiss National Bank (SNB).

8. Chinese renminbi (CNH) The Chinese renminbi – sometimes referred to colloquially as the ‘yuan’ – is the official currency of the People’s Republic of China and the eighth most traded globally, accounting for a daily average volume of US$142 billion. Despite being an emerging market currency , it is also the seventh most held reserve currency – estimated to account for 1.23% of global reserves. It is issued by the People’s Bank of China (PBoC).

9. Hong Kong dollar (HKD) The Hong Kong dollar is the official currency of Hong Kong and the ninth most traded globally, accounting for a daily average volume of US$117 billion. Unlike many of the other currencies on this list, HKD is not a major reserve currency.

10. New Zealand dollar (NZD) The New Zealand dollar is the official currency of New Zealand and the tenth most traded globally, accounting for a daily average volume of US$68 billion. Like the krona, it is not a major reserve currency. It is issued by the Reserve Bank of New Zealand.

#payenium #payment #paymentgateway #paymentgateways #pay #money #currency #currencies #top10currencies #top10 #usd #eur #jpy #gbp #aud #cad #chf #cny #cnh #hkd #nzd #renminbi #dollar #euro #franc #yen #yuan #sterling

[undetectablefakemoneyworld-blog]

we print .Afghan afghani,Albanian lek,Algerian dinar,East Caribbean dollar,East Caribbean dollar,Australian dollar,European euro,Azerbaijani manat,Belarusian ruble.,Colombian peso,Cuban peso,Djiboutian franc,Guatemalan quetzal.Indian rupee,Indonesian rupiah,Iranian rial,Kuwaiti dinar,Mexican peso,Pakistani rupee,Romanian leu,Rwandan franc,Russian ruble,Serbian dinar.South African rand,Sri Lankan rupee,Sudanese pound,Swedish krona,Swiss franc,New Taiwan dollar,Tanzanian shilling,Thai baht.U.S. Dollar,Trinidad and Tobago dollar.Samoan tala,Zambian kwacha,Zimbabwean dollar.Polish zloty,Qatari riyal,Myanma kyat,Libyan dinar,Liberian dollar,Lebanese lira,North Korean won,Jamaican dollar,Fijian dollar,Egyptian pound,Danish krone,Brazilian real,Bermudian dollar.

Website: https://undetectablefakemoney.com/ Whatsapp: +1 (469) 619-7733 Email: info@undetectablefakemoney.com

[mazinwerayan-blog]

الاطفال بعد كرونا ان شاء الله...... !

الاطفال بعد كرونا ان شاء الله…… !

      كلمات البحث

  كورون – كورونا مصر – كورونا في مصر – كورونا اليوم – كورونا في مصر اليوم – كورونا فيروس كورونا مصر اليوم – كورونا حول العالم – كورونا فيروس اليوم – كورونا يضعف – كورونا يا كورون كورونا يضعف تدريجي – كورونا يا كورونا باسمك هلكون – كورونا يفقد قوته كورونا ينتقل بمجرد التنفس – كورونا يقترب من وداع العالم – كورونا يصيب كريات الدم الحمراء كورونا…

[ladykardasi]

1. The Swedish passport is one of the best passports in the world

You can enter 124 countries without a visa if you have a Swedish passport!

2. Swedish music is one of the country’s biggest exports

Sweden is known for producing many world-renowned pop singers and bands. In fact, the country is the world’s third-largest music exporter. Some of Sweden's most famous musicians include ABBA, Robyn, Tove Lo, José González, Swedish House Mafia, Zara Larsson, The Cardigans, and Ace of Base.

Sweden is also home to a large number of music producers and songwriters. Max Martin and Shellback are two of the biggest names in music production. They’ve worked with the biggest names in the music industry like Ariana Grande, Britney Spears, Taylor Swift, and Ed Sheeran just to name a few.

3. Sweden has twice the population of Norway

Sweden is the largest country in the Scandinavian region and it has a population of approximately 10.3 million people, which is more than double that of Norway.

4.More than half of Sweden is covered in forest

Forests cover ⅔ of the country's geographical area, or around 23 million hectares, roughly the same size as the United Kingdom. Private individuals own half of the land, while private corporations own the remaining half. However, the Swedish Forestry Act governs forest management and ensures that trees are protected and replanted after they are cut down.

5. Swedish art is all over the Stockholm metro stations

The World's Longest Art Gallery is found throughout Stockholm's metro stations. About 90% of the metro is covered in mosaics, paintings, graffiti, sculptures, installations, and other works of art.

6. Sweden is the 6th oldest country in Europe

Sweden is one of the world's oldest sovereign nations, with a 1,000-year history. This Scandinavian country is also the eighth-oldest kingdom on the planet and it was founded by Eric the Victorious in 970 AD. Since 1917, the country has been a constitutional monarchy with parliamentary democracy.

7. Semlor is a national treat

A classic Swedish sweet roll is known as semlor or semla. This dessert is traditionally consumed during Lent, especially on Shrove Tuesday. Swedes are major "Semlor" lovers, consuming about 20 million of it each year.

8. Sweden celebrates midsummer with boiled potatoes

Midsummer is the summer solstice celebration that happens in the middle of June. This is the season to harvest newer and more flavorful potatoes from the ground. And for this occasion, Swedes eat their boiled potatoes with butter and dill. Yum!

9. Sweden uses its own currency called krona instead of using Euro

Although the country is a member of the European Union, it does not use the Euro currency. The Swedish krona is still in use in Sweden.

10. Swedes love good coffee

Swedes are regarded for being one of the world's top coffee drinkers, and they drink a lot of it. In Sweden, coffee breaks are referred to as "fika." Fika is an element of Swedish culture that is observed twice daily and involves coffee, cake, and pleasant conversation.

11. Sweden has over 95,000 lakes

In Sweden, there are over 95,000 lakes where swimming is permitted. The lakes are mostly clean, and their sizes range from little forest ponds to big lakes.

12. Sweden is very good at recycling

The Scandinavian country recycles 99% of its locally produced waste. They also import garbage from other countries like Norway. The waste recycling in Sweden is known to have the highest standards in the world.

Okay fuck it if this post reaches 666k notes by the end of 2023 I'll practise basic self care

Why 666k? Because it's funny and impossible so good fucking luck

[yaso711]

On August 11, the central parity rate of RMB against the US dollar was lowered by 11 basis points

Spreadex Ltd

On August 11, the central parity rate of RMB against the US dollar was lowered by 11 basis points to 7.1587.

The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that the central parity rate of the RMB exchange rate in the interbank foreign exchange market on August 11, 2023 is: 1 US dollar to RMB 7.1587, 1 euro to RMB 7.9171, 100 yen to RMB 4.9842, and 1 Hong Kong dollar RMB 0.91551, GBP 9.1375, Australian dollar 4.7023, New Zealand 4.3410, Singapore dollar 5.3458, Swiss franc 8.2247, Canadian dollar 5.3679 Yuan, 1 yuan to 0.63558 Malaysian ringgit, 1 yuan to 13.4306 Russian ruble, 1 yuan to 2.6102 South African rand, 1 yuan to 182.43 Korean won, 1 yuan to 0.50957 United Arab Emirates dirham, 1 yuan to 0.52050 Saudi Riyal, RMB 1 to 48.7100 Hungarian Forint, RMB 1 to 0.56170 Polish Zloty, RMB 1 to 0.9397 Danish Krone, RMB 1 to 1.4823 Swedish Krona, RMB 1 to Norwegian Krone 1.4283, RMB 1 yuan to 3.75890 Turkish lira, 1 yuan to 2.3708 Mexican pesos, 1 yuan to 4.8656 baht.

[greaseonmymouth]

I'll be travelling through Germany and the Netherlands on my way to Scotland, so I looked through my money box to see how many euros and British pounds I already had on hand, and, uh, found rather a lot more currencies than I expected

1. Euros (4 euros 4 cents)

2. Swedish money (hey can somebody tell me why both the silver coin and the copper coin say 1 krona on them???)

3. A single Norwegian coin (1 krone)

4. Finnish markka (from before the euro, these are no longer legal tender)

5. I don't know what the coin is as I can't read the writing on it. Might be Thai, might be Turkish, might be something else. I've never been to Turkey or Thailand, I don't know why I have this.

6. A single Icelandic coin (10 krónur)

7. American coins??? I've never been to the US, I don't know why I have this. I now know what a dime looks like, but I don't know how much it is because the coin doesn't say. The copper ones are cents. These coins literally say "in god we trust" wtf I thought that was made up

8. Estonian coins (1 kroon and 90 sentti)

9. A single giant Australian 50 cent coin, given to me by an Aussie friend

10. British pounds (15 pounds and 9 pence)

11. Not pictured: the Danish money in my purse.

[cryptoveins]

Major Swedish Bank Orders Negative Interest Rate on Euro Deposits

  Sub-zero interest rates have become the norm in some countries, especially in Europe. Nordic nations such as Sweden and Denmark have been in negative territory for a while and a growing number of banks in the region are now charging depositors for keeping their money. Saving in fiat right now, unlike cryptocurrencies lately, leads to losses, although loans and mortgages aren’t free of charge per se. A leading Swedish bank has imposed a negative interest rate of -0.40% on euro accounts, while the ECB is reportedly preparing for a new rate cut.

Also read: As US Expands Subprime Mortgage Program, Is a New Crisis Looming?

Your Euro Savings Will Cost You Money in Sweden

Sveriges Riksbank, the central bank of Sweden which is the largest economy in Scandinavia, cut its interest rate to 0% in late 2014 and introduced negative rates in early 2015. It has kept them there ever since with the aim of fighting deflationary pressures. The Swedish krona, among other currencies in the periphery of the Eurozone, has been appreciating with dangerously low inflation, from a traditional standpoint.

After going down to a record low -0.5% in February 2016, and staying there for a while, Riksbank increased the interest rate to -0.25% towards the end of last year. This July, Riksbank kept its key repo rate at that level. Despite the relatively strong economic activity in the country and inflation staying close to the 2% target, the financial regulator noted the need to proceed with a cautious monetary policy, given the risks to the global outlook.

Skandinaviska Enskilda Banken (SEB), a major Swedish lender, has recently lowered its long-term mortgage rates. Interest on five-year loans has been decreased in July by 0.35% to 1.95% and by 0.41% to 2.99% for the 10-year mortgages. Rates on all savings accounts, except investment accounts, remain at 0%. The same applies to most regular business accounts.

However, SEB recently delivered аn unpleasant surprise to some of its clients. The interest on foreign currency accounts is already in the subzero territory. To be precise, that’s -0.40% on euro holdings, according to correspondence from the bank acquired by news.Bitcoin.com. “…the loan fee on business currency accounts in euro is currently -0.40% per year on the deposited amount,” reads an email sent to a customer.

To a certain degree, calling the interest rate ‘loan fee’ is closer to what it has actually become. When a depositor gives their money to a financial institution, they are no longer the owner of the asset, but only retain the right to withdraw under the terms and conditions described in the contract. Nowadays, instead of earning interest on the amount you’ve deposited, you are often paying a fee to lend your funds to the bank. Does that make any sense from a market economy point of view?

Sweden’s commercial banks have been forced to adapt to the continuously negative benchmark rate and have started passing the burden to their clients. Swedbank, the country’s largest lender, offers private customers various opportunities to save but rates are currently set at 0% for several of its products like private, e-savings, and youth accounts. No interest is paid on cash in an investment savings account either. The situation with corporate accounts looks pretty much the same. Current mortgage rates, however, reach over 3% for longer loans.

Danish Bank to Impose -0.60% Rate on €1M Deposits

Denmark, another important economy in the region, was actually the first country on the Old Continent to adopt negative interest rates after the global financial crisis of 2008. Its central bank, Danmarks Nationalbank, introduced them back in 2012 when it lowered its benchmark rate to -0.2%. The institution has consistently kept it around and below zero during the following seven years and it’s currently set at -0.65%.

Banks in the country have had to take its policy into account when deciding about the parameters of their own offers. For some time now, they have been resisting the pressure to pass the losses on to their clients. The largest of them, Danske Bank, recently announced it does not plan to impose negative rates on personal savings or current accounts and vowed not to introduce additional fees for its wealthy account holders. The bank, which is struggling with the consequences of its involvement in a large money laundering scandal, fears that could lead to people withdrawing cash from the banking system.

But according to recent publications, not all banks in the country are managing to avert such a development. Jyske Bank, another leading financial institution in Denmark, is now preparing to impose a negative interest rate of -0.6% on personal accounts holding funds in excess of 7.5 million Danish kroner, or €1 million ($1.12 million). That’s according to the bank’s report for the second quarter of 2019. The measure comes in response to persistently negative interest rates that are affecting its earnings.

Lately, it has become impossible to buy Danish government bonds with a positive interest rate and the market indicates that negative rates will be a fact for several years to come, commented Jyske CEO Anders Dam, quoted by the Swedish business outlet Dagens Industri. Luckily, personal accounts with smaller investments will not be affected by the change. The interest rate on the funds in these accounts will remain at 0%.

The move also follows the announcement of some worrying financial results. For instance, Jyske’s net interest income fell by around 6% year-on-year in the first half of 2019. The decline was registered despite the increase in the bank’s business operations. And in Q2 of 2019, the net interest income was 1.34 million Danish kroner (approx. $200,000), which is only slightly above the expected 1.33 million kroner.

At the same time, profit before tax in the second quarter was 633 million kroner ($94 million), which is below the forecasted 714 million kroner ($106 million). And the core revenue, according to the quarterly report, was 1,948 million kroner, or almost $290 million, below the average estimate of 1.978 million kroner ($295 million). Core profit was 683 million Danish kroner ($101 million), again failing to reach the expected 694 million kroner, or $103 million target.

ECB to Cut Interest Rate to All-Time Low

Other prominent banks in the region include Helsinki-headquartered Nordea, which is also very active in the Baltic States. As of August 2019, its interest rates in Denmark are as low as -0.65%, depending on the product. According to a near-term forecast published on its Danish website, the financial institution believes most of them will remain in negative territory throughout the next year.

Nordea is based in Finland, the only Nordic nation which is a member state of the Eurozone, the club of countries using the common European currency. In its home country, the bank still maintains positive interest rates on both deposits and loans. That’s despite reports that the European Central Bank (ECB) is preparing to further reduce its key rates next month.

With inflation in the Eurozone remaining below the target of 2%, ECB is expected to cut its deposit rate by 10 basis points to -0.5% following its meeting in September. This will be an all-time low for the deposit facility rate which determines the interest banks receive when depositing funds with Europe’s central bank. It’s currently set at -0.4% and it has been negative since the summer of 2014. Analysts quoted by mainstream media think ECB may also resume its quantitative easing efforts in October by buying out assets worth 15 billion euros ($16.6 billion).

But with decentralized alternatives on the table, you are not limited to keeping your money in a fiat currency account. Cryptocurrencies, whose value does not depend on benchmark interest rates set by central banks, offer an opportunity to store value and to profit from the generally positive market trends of late, as demand for these deflationary assets increases. And for those who prefer a more traditional way of saving, keeping your coins with a platform like Cred, a partner of Bitcoin.com, will earn you much higher interest of up to 10% on your BTC and BCH holdings.

Do you think we are going to see more negative interest rates in the Nordic region and Europe as a whole? Share your expectations in the comments section below.

Images courtesy of Shutterstock.

The post Major Swedish Bank Orders Negative Interest Rate on Euro Deposits appeared first on Bitcoin News.

https://cryptoveins.com/2019/08/major-swedish-bank-orders-negative-interest-rate-on-euro-deposits/

[halipula-aika]

*immediately runs to find a magnet*

🇪🇺 Euro

50c: no

🇩🇰 Danish krone:

50 øre: no

1 kr: no

2 kr: no

5 kr: no

10 kr: no

20 kr: no

Overall rating: do better, Denmark!!

🇸🇪Swedish krona:

10 öre: no

50 öre: no

1 kr: no

2 kr: ???

5 kr: ???

10 kr: no

Overall: I'm a bit pessimistic, it's unlikely for the 2 and 5 kr to be magnetic. Don't have enough data tho.

🇵🇱 Polish złoty

1 gr (2006): no

1 gr (2015): yes!

2 gr (2014): yes

10 gr (2013): no

20 gr: ???

50 gr (1995): no

1 zł (1992): no

1 zł (2020): yes!

2 zł (1995 and 2014): no

5 zł (2015): no

Overall: has there been a shift in standard coins? It seems the newer coins are magnetic while the old ones are not! If so, good job Poland!

🇹🇷 Turkish lira

5 kr: no

Overall: not enough data

🇯🇵 Japanese yen

1 jpy: no

50 jpy: no

Overall: not enough data

🇬🇧 British pound

1 p: yes

2 p: yes

5 p (2001): no

5 p (2012): yes

10 p (1997): no

10 p (2013): yes

20 p: no

50 p: no

£1 (1980s): no

£1 (2016): yes!!

£2: ???

Overall: similar to Poland, the older the queen got the more magnetic the coins were. Keep it up with the king, UK!

Now for some fun ones:

5 Austrian Schilling (no longer valid currency): no

🇫🇮 Finnish mark (no longer valid)

1 mk: no

5 p: no

Overall: not a lot of data, but switching to the euro was a good idea.

USSR ruble (no longer valid? I guess?)

1 kop: no

A Saint Petersburg metro token (according to my dad): no

Can't be arsed to find more coins. You're right op that was fun!

They say money doesn’t bring happiness but I just accidentally discovered that some euro coins are magnetic and proceeded to spend 30 minutes testing every type of coin from around the world I own to see if they’re also magnetic, which severely improved my mood