Sveriges Riksbank
Tue, Apr 15Sveriges Riksbank, commonly known as the Riksbanken, serves as Sweden's central bank and is tasked with managing the country's monetary policy. It holds the distinction of being the oldest central bank in the world.
The Riksbank was established in 1668 when the Riksdag, Sweden's parliament, decided to create Riksens Ständers Bank (the Estates of the Realm Bank). In 1867, it was renamed Sveriges Riksbank.
According to the Riksbank Act, the primary objective of the Riksbank is to "maintain price stability." This goal is pursued by aiming to keep inflation at a low and stable level.
Additionally, the Riksbank is responsible for promoting a "safe and efficient payments system" and managing the supply of banknotes and coins in Sweden. It holds the exclusive authority to issue these forms of currency.
The bank is governed by an Executive Board consisting of six members. This Board is appointed by the General Council of the Riksbank, which is itself appointed by the Riksdag.
Recently, the Riksbank became the first central bank to move away from negative interest rates, a policy that had been implemented by several central banks over the past six years in response to rising inflation. The Swedish bank had introduced a negative interest rate policy (NIRP) in 2015.
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