Sweden is home to the world’s oldest surviving central bank, Sveriges Riksbank.
The Riksbank began operating in 1668 under the name Riksens Ständers Bank, after Sweden’s parliament took control of the failed Stockholms Banco. The institution was renamed Sveriges Riksbank in 1866, when Sweden introduced a new parliamentary system. Its headquarters are in Stockholm.
Stockholms Banco had been founded earlier, in 1657, and began issuing banknotes in 1661. It collapsed after issuing more notes than it could adequately support. The Riksbank’s creation was therefore closely linked to the need for more reliable public control of banking and money.
The Riksbank gradually developed modern central-bank responsibilities. In 1897, it gained the exclusive right to issue Swedish banknotes, strengthening its role in monetary policy. Today it manages Sweden’s monetary policy and issues the Swedish krona. “Oldest central bank” is commonly shortened from the more precise “oldest surviving central bank.”