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3 Aug 2004 - 9 Apr 2021
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The Riksbank Monetary policy Financial stability Market operations Statistics Published Research Notes & coins


CURRRENT NEWS
Next repo rate decision: 9.30 a.m. on 13 February 2008.
 
Repo rate unchanged at 4 per cent (published on 19 December 2007).
 
The minutes of the Excecutive Board meeting on 18 December 2007 will be published at 9.30 a.m on 8 January 2008.
 
Separate minutes of the Executive Board meeting on 29 October 2007 (published on 13 October 2007).
 
Latest speech: Öberg: The Riksbank's forecasting performance (published on 26 November 2007).
 
The Executive Board and the General Councils views on the report "An Evaluation of Swedish Monetary Policy between 1995 and 2005".
The Executive Board: Inflation target remains, but methods can be further developed (published on 23 February 2007).

The General Council: General Council proposes changes in Sveriges Riksbank Act (published on 23 February 2007).


The objective of monetary policy
According to the Sveriges Riksbank Act, the objective of monetary policy is to “maintain price stability”. The Riksbank has interpreted this objective to mean a low, stable rate of inflation.
 
More precisely, the Riksbank's objective is to keep inflation around 2 per cent per year, as measured by the annual change in the consumer price index (CPI). There is a tolerance range of plus/minus 1 percentage point around this target. At the same time, the range is an expression of the Riksbank’s ambition to limit such deviations. In order to keep inflation around 2 per cent the Riksbank adjusts its key interest rate, the repo rate.
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MONETARY POLICY UPDATE DECEMBER 2007
At its meeting on 18 December, the Executive Board of the Riksbank decided to hold the repo rate unchanged at 4 per cent. The Riksbank’s view of the future repo rate path remains largely the same as in October. During the first half of 2008 the repo rate is expected to need to be raised to around 4.25 per cent, but there is considerable uncertainty due to the turmoil in the international financial markets. The Riksbank’s assessment is that this development in the repo rate will contribute to an inflation rate in line with the 2 per cent target from 2009 onwards, at the same time as production and employment develop in a balanced manner
 
The Riksbank’s decision is based on the economic outlook and inflation forecasts presented in the Monetary Policy Update.
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EVALUATION OF MONETARY POLICY
Report by Frederic S Mishkin and Francesco Giavazzi
In spring 2005 the Riksdag Committee on Finance decided to evaluate the monetary policy conducted by the Riksbank during the period 1995-2005. The Committee appointed two professors, Frederic S Mishkin, formerly of Columbia University in New York and now a member of the Federal Reserve Board of Governors, and Francesco Giavazzi, of Bocconi University in Milan, to carry out the evaluation.

The report "An evaluation of Swedish monetary policy 1995-2005" was published on 28 November.
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LAST UPDATED 11/26/2007 

 

Price stabilityDecisions and communicationThe transmission mechanism