As part of the implementation of monetary policy, the Riksbank conducts regular market operations. Here you can find information on current market operations with results and conditions, as well as the auction calendar for sales of government bonds.
Market operations are primarily aimed at conducting monetary policy effectively by signalling which interest rate level should be established in the market in Swedish kronor to attain the inflation target and to manage liquidity within the banking system. Market operations can include everything from collateralised loans at shorter and longer maturities, repos, purchases or issues of securities, loans in foreign currency, and FX swaps. The type of market operation the Riksbank chooses to utilise depends on the needs of the financial markets and the operation’s expected effects on the economy.
Normally, when the banking system has structural excess liquidity in relation to the Riksbank, market operations are aimed at reducing the liquidity in the system and, when the banking system has a structural liquidity shortage, the market operations are aimed at increasing liquidity.
In case of excess liquidity - Riksbank Certificates
As the banking system has excess liquidity surplus in relation to the Riksbank, the regular market operations are currently aimed at absorbing liquidity from the market. Therefore, the Riksbank issues its own securities called Riksbank Certificates.
Read more: Riksbank Certificates
In case of a liquidity shortage - monetary policy repos or collateralised credit
If the banking system had had a liquidity shortage in relation to the Riksbank, the regular market operations would instead have been aimed at supplying liquidity to the market. To do this, the Riksbank could, for example, have implemented monetary policy repos, or provided collateralised credit.
Read more: Historical data- monetary policy repos
Sales of government bonds
The Riksbank's market operations can also affect the balance between supply and demand for different securities.
In accordance with a decision taken in February 2023, the Riksbank regularly sells nominal and real government bonds from its securities holdings in order to tighten monetary policy and thus safeguard the inflation target.
The Riksbank's sales of government bonds are conducted exclusively in the secondary market.
Read more: The Riksbank’s sales of government bonds
Holdings of securities, and previous purchases
The Riksbank has previously made purchases of both government bonds and other types of securities for monetary policy purposes. The purchases have been terminated, but the Riksbank still has holdings in most of these types of securities.
Read more: Riksbank’s asset holdings