Publication of new reference rate postponed
The Riksbank has earlier notified that it will start to calculate and publish a new reference rate for the shortest maturity (overnight) in Swedish kronor. As a result of the effects of the coronavirus pandemic on the Swedish economy and Swedish financial markets, the test period and final publication of the reference rate are now being postponed. The new reference rate will instead be introduced when the conditions are more favourable and thus able to entice much needed commitment and scrutiny of the market during the test period.
Following a decision on the final design of the reference rate, the Riksbank will initiate a test period when it will publish a preliminary rate before starting to publish the final reference rate. The Riksbank will give prior notification before beginning to publish a preliminary rate.
The interest rate the Riksbank currently terms the reference rate, which is set once every six months, will not be affected.