Earlier today the ECB published a press release of the swap line activation with Sweden’s Riksbank to allow the Swedish Central Bank to borrow euro in exchange for kronor. The maximum amount that can be borrowed is EUR 10 billion up to three months.
The Riksbank is borrowing EUR 3 billion to bridge the gap before a loan from the Swedish National Debt Office can be payed out to the Central Bank. The loan from the ECB will be used to shore up the foreign exchange reserves before the SEK 100 billion (EUR 9.2 billion) arrives during the summer.
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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