Monday, May 27, 2024

Sveriges Riksbank

Sveriges Riksbank, or simply Riksbanken, is the central bank of Sweden and is responsible for monetary policy.

It is the oldest central bank in the world. In 1668, the Swedish Parliament decided to establish the Riksens Ständers Bank (Kingdom Bank), which was renamed Sveriges Riksbank in 1867.

According to the Riksbank Act, the Riksbank shall “maintain price stability.” This should be achieved through efforts to keep inflation at low and stable levels.

The Riksbank should also promote a “safe and efficient payment system” and be responsible for Sweden’s supply of banknotes and coins. Has the exclusive right to issue banknotes and coins.

The bank is led by a six-member Executive Committee. The Board is appointed by the Riksbank General Council, which in turn is appointed by the Swedish Parliament.

The Riksbank became the first central bank to exit negative interest rates, which several central banks had introduced over the past six years to combat rising inflation. Riksbank launched a negative interest rate policy (NIRP) in 2015.

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