Riksbank Certificates

Riksbank certificates are securities issued by the Riksbank. The certificates have a short maturity, usually seven days, and are issued once a week, normally on Tuesdays.

When the monetary policy counterparties invest in Riksbank Certificates, the Riksbank borrows liquidity from the banking system at an interest rate corresponding to the policy rate. At each time of issue, the Riksbank normally offers a volume of certificates that corresponds to the banking system’s lowest projected liquidity surplus during the maturity of the certificate. To facilitate the banks’ liquidity management, Riksbank Certificates can be resold.

If the counterparties' aggregate demand for Riksbank Certificates is greater than the volume offered, each counterparty will receive a percentage of its bid. This percentage is determined on the basis of the ratio between the volume offered and the volume requested.

As of 31 October 2025, the Riksbank's deposit requirement will begin to apply. The institutions covered by the requirement must then hold funds in special accounts at the Riksbank without receiving interest. As deposits to these accounts can be made as early as 15 October, there is some uncertainty about the size of the liquidity surplus in the period 15-31 October. When deposits are made, the liquidity surplus is reduced by a corresponding amount. As a result, the Riksbank will reduce the offered volume of Riksbank Certificates by SEK 40.1 billion from the issue with a tender date of 14 October 2025.