The official currency of Sweden is the Swedish Krona, abbreviated as SEK. The word "krona" translates to "crown," reflecting Sweden's historical monarchy. The currency has been in use since 1873 and is subdivided into 100 öre, although öre coins are no longer in circulation. The Swedish Krona is an important element of the country's economy and is managed by the central bank, Sveriges Riksbank. Although Sweden is a member of the European Union, it has chosen not to adopt the euro as its official currency, maintaining the krona for now.