The Riksbank’s tasks and operations

The Riksbank is Sweden’s central bank and an authority under the Riksdag, the Swedish parliament. The Riksbank is responsible for conducting monetary policy, the objective of which is to maintain a low and stable level of inflation over time. We shall also contribute to the stability and efficiency of the financial system, including the ability of the public to make payments. The Riksbank is also responsible for issuing banknotes and coins.

Sustainably low and stable inflation

According to the Sveriges Riksbank Act, the Riksbank is to maintain sustainably low and stable inflation. Without neglecting the inflation target, the Riksbank shall moreover contribute to a balanced development of production and employment. The Riksbank has specified an inflation target, according to which the annual change in the consumer price index with a fixed interest rate (CPIF) is to be 2 per cent. The Riksbank determines the level of its policy rate to influence inflation and economic developments.

Read more: Monetary policy, What is monetary policy? Monetary policy decisions

A stable and efficient financial system 

A stable and efficient financial system, i.e. a system that can mediate payments, converting savings into funding and manage risks, is required in order for the Swedish economy to function smoothly and grow sustainably. The Riksbank shall contribute to the stability and efficiency of the financial system. This involves the Riksbank overseeing the financial system, being prepared to manage risks, having the capacity to provide temporary liquidity support to banks and other financial institutions in order to mitigate serious shocks in the financial system and cooperating with Finansinspektionen (Swedish Financial Supervisory Authority) and the Swedish National Debt Office on these issues.

Read more: Financial stability, The Riksbank’s responsibility with regard to financial stability, Financial Stability Report

Safe, efficient and accessible payments

The Riksbank’s remit includes ensuring that payments can be made safely and efficiently. Among other things, the Riksbank provides the RIX payment system for the settlement of payments. The Riksbank shall also contribute to the availability of cash, that is, banknotes and coins in kronor, to a satisfactory extent throughout Sweden.

Read more: Payments and cash, The Riksbank’s responsibility for payments, Notes and coins, Payments Report, The RIX payment system

Management of assets

The Riksbank manages assets for the purpose of fulfilling its tasks and powers of authority and generating sufficient income to finance its operations. The assets shall be managed with low risk and giving consideration to the Riksbank’s status as a central bank and the purpose of the asset holdings.

Read more: Markets, Gold and foreign currency reserves, Balance sheet

Civil preparedness

The Riksbank shall have the capacity to maintain its activities in peacetime crisis situations and states of heightened alert, including the ability of the public to make payments in peacetime crisis situations and states of heightened alert.

Read more: Preparedness, Civil preparedness for payments

The Riksbank's independence

The Riksbank is an independent central bank and an autonomous authority under the Riksdag. This means that the Riksdag gives us our mandate and determines our tasks, but the decisions at the Riksbank are taken independently by the Executive Board of the Riksbank. The Executive Board members are appointed by the General Council, which in turn is appointed by the Riksdag. Given the Riksbank's independent status, it is important that there are good conditions for evaluating and scrutinising the Riksbank in an effective manner.

Read more: The Executive Board, The General Council

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Updated 21/03/2024