Sveriges Riksbank (Swedish National Bank) is the central bank of Sweden, sometimes called just the Bank of Sweden. It is known to be the world's oldest central bank.

History

The Riksbank began its operations in 1668, its antecedent being Stockholms Banco (also known as the Bank of Palmstruch, which was founded by Johan Palmstruch in 1656. Although the bank was private, it was the King who chose its management: in a letter to Palmstruch he gave permission to its operations according to stated regulations. // Events January - The Triple Alliance of 1668 is formed. ... Stockholms Banco (also known as the Bank of Palmstruch or Palmstruch Bank) in Sweden was the first European bank to print banknotes. ... Johan Palmstruch (born 1611 in Riga, died 1671; named Johan Wittmacher before he was ennobled) was a Dutch merchant credited with the introduction of paper money to Europe. ... // Events Mehmed Köprülü becomes Grand Vizier of the Ottoman Empire. ... This is a list of Swedish monarchs, that is, the Kings and ruling Queens of Sweden with Regents and Viceroys of the Kalmar Union up until the present time. ...

However, Stockholms Banco, the world's oldest note-issuing bank collapsed as a result of the issuing of too many notes without the necessary collateral. Palmstruch, who was considered responsible for the bank's losses, was condemned to death, but later received clemency. On September 17, 1668, the privilege of Palmstruch to operate a bank, was transferred to the Riksens Ständers Bank and was run under the auspices of the parliament of the day. Due to the failure of Stockholm Banco the new bank was managed under the direct control of the Riksdag of the Estates to prevent the interference of the King. When new Riksdag was instituted in 1866, the name of the bank was changed to Sveriges Riksbank. September 17 is the 260th day of the year (261st in leap years). ... // Events January - The Triple Alliance of 1668 is formed. ... The Riksdag of the Estates, or Ståndsriksdagen, was the name used for the Estates of the Swedish realm, or Rikets ständer, when they were assembled. ... A monarch is a type of ruler or head of state, whos titles and ascention are inherited, not earned, and represents a larger monarchical system which has established rules and customs regarding succession, duties, and powers. ... Riksdag is also the Swedish name of the Parliament of Finland. ... 1866 is a common year starting on Monday. ...

The Swedish Krona (2001)

Having learnt the lesson of the Stockholms Banco experience, the Riksbank was not permitted to issue bank-notes. Nevertheless, in 1701 permission was granted to issue so called credit-notes. Some time in the middle of the 18th century counterfeit notes began appearing which caused serious problems. To prevent forgeries it was decided that the Riksbank should produce its own paper for bank-notes and a paper-mill, Tumba Bruk, was founded in Tumba, on the outskirts of Stockholm. Image File history File links Swedish Krona The text on the coin reads Carl XVI Gustaf, Sveriges Konung (Carl XVI Gustaf, King of Sweden). ... Image File history File links Swedish Krona The text on the coin reads Carl XVI Gustaf, Sveriges Konung (Carl XVI Gustaf, King of Sweden). ... Events January 18 - Frederick I becomes King of Prussia. ... (17th century - 18th century - 19th century - more centuries) As a means of recording the passage of time, the 18th century refers to the century that lasted from 1701 through 1800. ... Forgery is the process of making or adapting objects or documents (see false document), with the intention to deceive (fraud is the use of objects obtained through forgery). ... Piece of paper Paper is a thin, flat material produced by the compression of fibres. ... Tumba Bruk is printing company responsible for manufacturing of the Swedish krona banknotes. ... Tumba is a suburb of Greater Stockholm, and the seat of Botkyrka Municipality, in Stockholm County, Sweden. ...

A few years later, the first commercial banks were founded and these were also allowed to issue bank-notes. The bank-notes represented a claim to the bank without interest paid, and thus became a considerable source of income to the banks. Nonetheless, security in the form of a deposit at the Riksbank was required to cover the value of all notes issued. In finance, interest has three general definitions. ... Income, generally defined, is the money that is received as a result of the normal business activities of an individual or a business. ... Main article deposit (bank) A deposit is a specific sum of money taken and held on account, by a bank as a service provided for its clients. ... Value is a term that expresses the concept of worth in general, and it is thought to be connected to reasons for certain practices, policies, or actions. ...

During the 19th century the Riksbank maintained a dominant position as a credit institution and issuer of bank-notes. The bank also managed national trade transactions as well as continuing to provide credit to the general public. The first branch-office was opened in 1824, later followed with subsidiary branches opening in each county (län). The present operational activities as a central bank differ from those during the 19th century. For example, no interest-rate related activities were conducted. Alternative meaning: Nineteenth Century (periodical) (18th century — 19th century — 20th century — more centuries) As a means of recording the passage of time, the 19th century was that century which lasted from 1801-1900 in the sense of the Gregorian calendar. ... There are several variations of the meaning of the word credit, but they all relate to the central concepts of approval, praise, value, or confidence. ... Look up Trade in Wiktionary, the free dictionary Trade centers on the exchange of goods and/or services. ... 1824 was a leap year starting on Thursday (see link for calendar). ...

The position of the Riksbank as a central bank dates back to 1897 when the first Riksbank Act was accepted concurrently with a law giving the Riksbank the exclusive right of issuing bank-notes. This copyright concluded its role and importance regarding monetary policy in a modern sense, as the exclusive right to issue notes is a condition when conducting monetary policy and defending the value of a currency. Behind the decision were repeated demands that the private banks should cease to issue notes as it was considered that the ensuing profits should befall the general public. 1897 was a common year starting on Friday (see link for calendar). ... Corruption Jurisprudence Philosophy of law Law (principle) List of legal abbreviations Legal code Intent Letter versus Spirit Natural Justice Natural law Religious law Witness intimidation Legal research External links Wikibooks Wikiversity has more about this subject: School of Law Look up law in Wiktionary, the free dictionary Law, Legal Definitions... This article needs to be wikified. ... For copyright issues in relation to Wikipedia itself, see Wikipedia:Copyrights. ... Profit is defined as the residual value gained from business operations. ...

The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel

Following the third centennial of the bank in 1968 a Prize in Economics to the Memory of Alfred Nobel was instituted. The Prize is awarded at a ceremony with the Nobel Prizes in Stockholm each year on December 10th. 1968 was a leap year starting on Monday (the link is to a full 1968 calendar). ... The Bank of Sweden Prize in Economic Sciences (Swe. ... Alfred Nobel Alfred Bernhard Nobel   listen? (October 21, 1833, Stockholm, Sweden – December 10, 1896, San Remo, Italy) was a Swedish chemist, engineer and the inventor of dynamite. ... Sir Edward Appletons medal Photographs of Nobel Prize Medals. ... December 10 is the 344th day (345th in leap years) of the year in the Gregorian calendar. ...

See also

• Monetary policy of Sweden
  • Krona
  • Riksdaler
  • Scandinavian Monetary Union

• Parliament of Sweden
• Government of Sweden
• Swedish National Debt Office

The Monetary policy of Sweden is decided by Sveriges Riksbank, the central bank of Sweden. ... This article is about the Swedish unit of currency. ... The daler or the Riksdaler was the name of the currency used in Sweden until 1873 when it was replaced with the krona as an effect of the Scandinavian Monetary Union. ... The Scandinavian Monetary Union (Swedish: Skandinaviska myntunionen, Danish: Skandinaviske møntunion) was a monetary union formed by Sweden and Denmark on May 5, 1873 by fixing their currencies against gold at par to each other. ... Riksdag is also the Swedish name of the Parliament of Finland. ... Sweden is a constitutional monarchy with a representative democracy based on a parliamentary system. ... The Swedish National Debt Office or Riksgäldskontoret founded by the Riksdag of the Estates in 1789, is a Government Agency in Sweden. ...

External links

• Sveriges Riksbank - Official site[In Swedish]
• Sveriges Riksbank - Official site[In English]