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Minutes: Floden: Krona depreciation not helpful but some positive signs

RIKSBANK
  • "The krona depreciation is obviously not welcome. Fundamental factors such as strong public finances and the current account surplus indicate that the krona will be valued higher in the longer term. But it would be welcome if the krona were also to strengthen in the near term, or if it at least stops falling in value. In addition to facilitating monetary policy, I believe the Swedish business sector would benefit from an exchange rate that does not deviate significantly from its long-term equilibrium level."
  • "I think both of these proposals [active bond sales and Riksbank Certificates] are good. Although I’m not expecting the measures to have any major effects, they should in any case move monetary policy in the right direction. To a certain extent, the measures may contribute to a better balanced monetary policy by having an effect more through the exchange-rate channel than the domestic interest rate channel."
  • "I also see several positive signs that I would like to highlight... The first concerns energy prices... The other sign relates to inflation expectations and wage formation... The third sign relates to consumption and employment.
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