Riksbank exchanges EU payment
Sweden's EU membership entails monthly contributions to the EU's budget. These payments are made in Swedish kronor by the Swedish government and exchanged into euro in the foreign exchange market by a recipient central bank within the EU.
The Riksbank has decided to exchange the EU payment at the end of December 2009/beginning of January 2010. The amount is SEK 6.082 billion. The Riksbank has on previous occasions exchanged EU payments to avoid unnecessarily large fluctuations in the exchange rate in connection with these transactions.
This exchange does not have any monetary policy purpose. The effect on liquidity in the banking system is neutralised by means of an FX-swap. The Riksbank intends to repurchase the corresponding euro amount in the foreign exchange market within two month of the exchange. This will be done by daily purchases of euro for swedish kronor.
CONTACT INFOPer Kvarnström, Chief Dealer FX and money markets, tel. +46-(0)8-696 6816 or group number tel. +46-8-6966970CONTENT EXPERTGeneral SecretariatLAST REVIEWED04/01/2010 103 37 Stockholm Brunkebergstorg 11 Phone +46 8 787 00 00 Fax +46 8 21 05 31 Email firstname.lastname@example.org Press contact +46 8 787 02 00