The Riksbank is Sweden’s central bank and a public authority under the Riksdag (the Swedish parliament). Our monetary policy responsibility and the right to issue banknotes and coins are laid down in the Instrument of Government, one of Sweden’s constitutional laws.
The Riksdag has decided on a more detailed framework for the Riksbank’s tasks in the Sveriges Riksbank Act.
On the basis of this legislation, the Riksbank can decide how it shall implement its tasks in the day-to-day business. There are a number of policy documents for this:
- The Rules of Procedure of the General Council
- The Instructions for Sveriges Riksbank
- Descriptions of routines
The General Council decides on the Rules of Procedure. These regulate certain issues within the General Council’s area of responsibility. The Executive Board decides on the Instructions for Sveriges Riksbank. These indicate:
- The Riksbank’s organisation, management and governance
- The division of duties between the Executive Board and the Governor of the Riksbank and the decision-making powers delegated from the Executive Board to other officials of the Riksbank
- How cases are to be handled at the Riksbank
- Other operational arrangements.
There are also policies, rules and descriptions of routines at the Riksbank. These specify stances, principles and methods for the way in which activities shall be conducted in various fields. The Riksbank’s ethical rules are one example. These contain provisions concerning insider issues and the way in which members of staff shall report their holdings of securities.
According to the Sveriges Riksbank Act, the Riksbank may also issue regulations in certain areas.