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Swedish National Audit Office Finds Riksbank QE Had Limited Inflation Impact


Sweden's National Audit Office (NAO) found "no support for the Riksbank's extensive purchase of securities having had tangible effects on inflation" in its review into QE for the years 2015 - 2021.

  • The results of the review will likely add further pressure on the Riksbank to increase the pace of its QT programme at its February 2024 meeting - a move that already looks likely following the November meeting minutes released this week.
  • SEK has not reacted meaningfully to headlines on the wires.
  • The NAO concludes that purchases of securities through QE were not efficient, "but mainly reported in an efficient manner".
  • However, "the securities purchases made at the beginning of the pandemic contributed to reducing anxiety in the economy and stabilizing the financial markets".
  • Overall, while there was a "solid basis for the decision", the "costs of the asset purchases have become significant and far greater than anticipated".
  • The NAO's recommendations to the Riksbank are in the image below:

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