Breaking News

Tweet TWEET

Sweden’s Central Bank to Top Up Foreign Currency Reserve

Sweden’s central bank said it has decided to borrow the equivalent of 10 billion kronor ($1.5 billion) in foreign currency through the Debt Office to restore reserves.

Participation in loan arrangements from the International Monetary Fund in recent years has entailed the use of funds from the foreign currency reserve, the Stockholm-based bank said in a statement.

“During the financial crisis, the Riksbank decided to reinforce the foreign-currency reserve by borrowing foreign currency to the value of 100 billion kronor,” Riksbank said. “At year-end 2011, these loans amounted to 86.7 billion kronor.”

The krona was little changed against the euro at 8.815 as of 4:36 p.m. in Stockholm.

To contact the editor responsible for this story: Kim McLaughlin at kmclaughlin6@bloomberg.net

To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.