FAQ on new publication time and new source for exchange rates

Why is the Riksbank to start publishing exchange rates determined by the ECB (European Central Bank) instead of those determined by Nasdaq?

The Riksbank has decided to start publishing exchange rates determined by the ECB instead of those determined by Nasdaq. Most other central banks in the EU use the exchange rates published by the ECB and the Riksbank considers it would be a better option to use these to maintain continuity and the quality of calculation and publication.

The exchange rates published by the Riksbank as of 27 November 2023 are set by the ECB, but converted by the Riksbank to rates against Swedish kronor. Previously, the Riksbank published exchange rates set by Nasdaq. 

Will exchange rate quotations be available on all Swedish banking days as before?

Yes, like before, the exchange rates will be published all Swedish banking days.

At what time will daily exchange rates be made available on the Riksbank’s website?

When the Riksbank starts using the ECB’s exchange rates, these exchange rates will be published on the website later than today, at around 16:15 instead of around 12:10 as before.

Why will the exchange rates start to be published at around 16:15 instead of the previous time of around 12:10?

The reason is that the ECB sets the exchange rates at 14:10 and publishes them at approximately 16:00.

If the ECB publishes the exchange rates at 16:00, why can’t the Riksbank also publish at 16:00?

The exchange rates are sent to the Riksbank and calculated in terms of Swedish kronor, which means that publication has to take place at approximately 16:15.

When will these changes take place?

The changes will be made on Monday 27 November 2023.

At what time on the final banking day of the month will a monthly average of the exchange rates be made available?

A monthly average will be made available on the final banking day of the month at approximately 16:15.

At what time on the final banking day of the year will an annual average for the exchange rates be made available?

An annual average will be made available on the final banking day of the year at approximately 16:15.

I need to access exchange rate quotations earlier than about 16:15. What should I do?

The Riksbank’s exchange rate quotations will be published at approximately 16:15. If you want information about an exchange rate earlier than that, one alternative might be to contact your bank or a bureau de change for more information.

What exchange rates will the Riksbank publish? Will they be the same exchange rates as before?

The Riksbank will publish the same exchange rates that the ECB publishes. This means that the Riksbank will publish the same exchange rates as today, except for the Saudi riyal (SAR) and Moroccan dirham (MAD), which the Riksbank will stop publishing. The exchange rates to be added are the Malaysian ringgit (MYR), Israeli shekel (ILS), Philippine peso (PHP), Romanian leu (RON) and Bulgarian lev (BGN).

Where can I find the exchange rates that the Riksbank does not publish?

If you want information about an exchange rate that is not in the Riksbank’s database, contact your commercial bank or a bureau de change for further information or refer to Oanda.com or SEB Group’s website, for example.

How are the exchange rates calculated?

The exchange rates are so-called mid-market rates (rates midway between buy and sell rates) on the interbank market at a given time. Close to the time when exchange rates are quoted, around 14:10 (Central European Time), the European Central Bank (ECB) receives a relevant exchange rate, such as the amount of Swedish kronor for one euro, on the interbank market from banks and electronic trading systems and sets the most accurate market rate possible at that time. Read more on the ECB's website.

What will happen to the historical data? Will previously published exchange rates still be available?

Yes, all historical data for published exchange rates will remain available.

In what unit will the exchange rates be published?

When the changes take place, the exchange rate for all currencies in the Riksbank’s database will be stated as 1 Swedish krona against 1 unit of the foreign currency. (Previously, the exchange rate was quoted in Swedish kronor against 100 units of the foreign currency for certain currencies).

Can exchange rates be retrieved automatically from the Riksbank?

Yes, this is possible. The difference is that publication time will change from around 12:10 to around 16:15 and that the exchange rates will be determined by the ECB. Retrieving interest rates and exchange rates via REST API

Will the changeover to the ECB exchange rates affect the exchange rate index (KIX)?

The only differences are that the source of exchange rates comes from the ECB and that the new publication time will be around 16:15 instead of around 12:10.