Sweden's Riksbank shortens Riksbank certificate resale window to 09.00-10.00 and publishes liquidity surplus outlook

Sweden's Riksbank has introduced two operational changes to help banks plan day-to-day liquidity management as the liquidity surplus in the banking system declines with the Riksbank’s reduction of Swedish securities holdings. The measures are aimed at improving the information available to monetary policy counterparties as they are expected to rely more on interbank overnight activity and the Riksbank’s standing facilities to support effective interest rate steering. First, the Riksbank is increasing transparency around banks’ resale of Riksbank certificates by shortening the resale notification window from 09.00–15.30 to 09.00–10.00 and publishing information on any resales on its website at 10.15, to provide faster daily visibility on central bank reserves in the system. Monetary policy counterparties will continue to be able to use Riksbank certificates as collateral for loans in the standing lending facility. Second, the Riksbank will begin publishing information on the amount of central bank liquidity expected to be available in the banking system over time, to support longer-term liquidity planning. Updated loan terms and conditions for Riksbank Certificates with Right of Resale enter into force on 24 February 2026. The next step flagged is a review of the terms and conditions of the supplementary liquidity facility for loans against collateral such as covered bonds, with further information to be provided later in the spring.