Sveriges Riksbank (Central Bank of Sweden)

By: EconomyWatch   Date: 9 September 2010

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Sveriges Riksbank is the central bank of Sweden and an authority under the Riksdag, Sweden’s parliament. The bank is known to be world’s oldest central bank. The Riksbank began its operation in 1668.

The bank acquired the status of the central bank in 1897, when the first Riksbank Act was passed. The act gave the Riksbank exclusive right to issue banknotes for the country. According to the Sveriges Riksbank Act, the Riksbank’s principal objective is to maintain price stability in Sweden. The bank is also responsible for supplying banknotes and coins in the country.

The main functions of the bank are:

Ensuring price stability in the country

In order to realize its objective of price stability, the Riksbank is of the view that the level of inflation should be kept under check. The bank has defined its price stability objective as an increase in the Consumer Price Index (CPI) of two percent.
The Riksbank controls the inflation rate through the repo rate. The repo rate influences economic activity in Sweden and hence, the inflation rate.

Ensuring the stability of the financial system in the country

The payment system and the credit supply play an important role in ensuring that the Swedish economy functions smoothly.

The bank is governed by an executive board, which consists of six members. The board is responsible for all the activities of the bank like the formulation and implementation of monetary policy, ensuring the financial stability in the country, market operations and the payment system. The board is also responsible for the prudent management of the gold and foreign exchange reserves of the country.

The Address and Contact details of the bank is as follows:

Sveriges Riksbank

Address: 11 Brunkebergstorg S-103 37 Stockholm SWEDEN Phone No.: ++46-8-787 00 00 Fax: ++46-8-21 05 31


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