Loans in US dollars

The Riksbank is offering loans in US dollars against collateral. Strengthening the supply of liquidity in US dollars in the Swedish financial system in order to, if necessary, facilitate banks’ funding in this currency is one of the Riksbank's measures to mitigate the effects of the corona pandemic on the Swedish economy.

A good supply of US dollars is important for the function of Swedish financial markets and therefore also for the monetary policy transmission mechanism. An impaired function may risk leading to exacerbated financial conditions in the economy with negative consequences for output and employment in Sweden. Disruptions in the supply of US dollars risk jeopardising fulfilment of the price stability objective. In this situation, therefore, the Riksbank needs to strengthen the supply of liquidity in US dollars in the Swedish financial system in order to, if necessary, facilitate banks’ funding in this currency.

Consequently, over the period from 19 March 2020 up to and including 18 September 2020, the Riksbank offered up to a maximum of USD 60 billion, against collateral, to monetary policy counterparties. Over the period 19 September 2020 up to and including 21 March 2021, the Riksbank continued offers up to a maximum of USD 60 billion, against collateral, to monetary counterparties.

The auctions take place every second Thursday according to the schedule below. If the situation in the economy were to change, the auctions could be held more often.

Outstanding loans in US dollars

Here we present the Riksbank’s total net lending of US dollars. Net lending means US dollars lent, minus the US dollars paid back to the Riksbank at that point in time.

Figure: Net lending US dollars

The diagram shows the Riksbank’s total net lending of US dollar within the scope of this measure. The figures are stated in billions of US dollars. Source: Sveriges Riksbank.

Change in outstanding loans in US dollars
  USD billions
Outstanding volume 31 October 2020 0
New lending in November 2020 0
Repayments in November 2020 0
Outstanding volume 30 November 2020 0

Total lending in US dollars

Here we present the Riksbank’s total lending of US dollars to monetary policy counterparties. Until 18 September 2020, the Riksbank is offering to lend USD 60 billion.

Figure: Loans in US dollars

The diagram shows, at each respective point in time, the Riksbank's total lending in US dollars within the scope of this measure since the measure was initiated in March 2020. The figures are stated in billions of US dollars. Source: Sveriges Riksbank.

Schedule for auctions
Date of operation Duration (days) Settlement date Maturity date
1 October 84 5 October 28 December
15 October 84 19 October 11 January
29 October 84 2 November 25 January
12 November 84 16 November 8 February
25 November 84 30 November 22 February
10 December 84 14 December 8 March
21 December 84 23 December 17 March

To participate in these auctions, the monetary policy counterparties must submit an application to the Riksbank by no later than 11.00 on the bank day before the auction day; read more in “Registration: Participation in auction procedure.” 

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Updated 23/11/2020