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FX reserves To Be Hedged And No QT Announcement

SWEDEN

As noted in an earlier bullet, the Riksbank will begin hedging its FX reserves from 25 September 2023.

  • The Riksbank announced in June that the investigation into hedging would end in "Autumn 2023", and some analysts expected an announcement to be made today.
  • USD8bn and EUR2bn will be exchanged for SEK, complete within 4-6 months. Starting in September 2023 rather than later in the year could be viewed as a surprise to some.
  • The hedging represents approximately a quarter of total reserves (SEK430bln), as noted in the investigation announcement in June.
  • The announcement does not form part of monetary policy.
  • There were no changes in QT as expected. This comes after the post-summer break resumption in QT earlier in September, which came at the pre-prescribed, quickened pace of SEK5bln/month (vs SEK3.5bln/month prior).
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