Government bonds

In February 2015*, the Riksbank began purchasing government bonds to make monetary policy more expansionary. To mitigate the effects on the Swedish economy of the pandemic, the Riksbank expanded its asset purchases from March 2020 until December 31, 2021, with a total envelope of SEK 700 billion, in addition to previously planned purchases. After the expanded purchase program expired in December 2021, the Riksbank conducted purchases in 2022 to compensate for maturing securities. From January 2023, purchases ceased entirely, and in February of the same year, the Riksbank decided to initiate sales of government bonds. The sales pace has since been adjusted upwards on two occasions. Consequently, the Riksbank's holdings of government bonds are now declining both due to bond maturities and the Riksbank's sales. In November 2024, the Riksbank decided to maintain a long-term holding of nominally SEK 20 billion by trading Swedish nominal government bonds.

*As early as 2012, the Riksbank began purchasing government bonds on a small scale to ensure that required systems, agreements, and knowledge were in place if it became necessary to rapidly take extraordinary measures in the future. Some of the government bonds purchased up until February 2015 still make up part of the Riksbank's bond holdings and are therefore included on the holdings of government bonds reported here.

A central bank can make monetary policy more expansionary by purchasing government bonds on the secondary market. When yields for safe assets fall as a consequence of the central bank’s purchases of government bonds, it becomes more attractive for investors to turn to alternative assets. In this way, the lower yields for government bonds spread onwards to other parts of the financial markets. In turn, the lower level of interest rates helps the banks cut rates for loans and deposits, which increases companies’ willingness to invest, at the same time as households are given increased incentive to consume. Following the rising asset prices, the wealth of both households and companies increases at the same time. All in all, general demand in the economy increases and, eventually, inflation rises too.

There are several reasons why central banks may want to reduce their holdings of securities. First, it is natural for holdings to change over time depending on the monetary policy stance. Active sales can result in higher market interest rates and complement a more tightening monetary policy stance. However, reductions typically occur at a slower pace than purchases. Second, a reduced holding means that exposure to various types of financial risks can be reduced. A reduced holding can also help increase market liquidity for securities. Finally, a smaller holding creates room to increase it again if necessary in the future.

To maintain good operational capability, the Riksbank decided in November 2024 to establish a long-term holding that enables regular trading of nominal government bonds. This holding should amount to a nominal value of SEK 20 billion and, over time, broadly reflect the composition of outstanding nominal government bonds with a remaining maturity of approximately 1–15 years. The Riksbank will continue with the ongoing sales of Swedish nominal government bonds until the holding, excluding Government Bond 1059 and the Green Bond, amounts to SEK 20 billion. This means that sales are expected to cease at the end of 2025.

More detailed information can be found in the documents under 'Related content' below.

Holdings of government bonds

Here, we present the Riksbank’s total holdings of government bonds. The holdings are the net sum of government bonds, which is to say the total sum of bonds purchased, minus matured and sold bonds at each point in time. The data is reported in nominal terms and based on the transaction date for the Riksbank's purchase or sale of the bonds. The holdings are reported as of 2012 and include the government bonds the Riksbank purchased in connection with the Executive Board’s decisions in 2012, the government bonds the Riksbank purchased from February 2015, the purchases during the coronavirus pandemic, and the maturities and sales affecting the current holdings. Please note that in February 2023 the Riksbank decided to begin selling government bonds with effect from April 2023.

The diagram shows the Riksbank’s total holdings of government bonds purchased, both Swedish nominal and real government bonds and the Swedish government's green bondsThe figures are stated in SEK billions. Source: Sveriges Riksbank.

Sales of government bonds

Here, we present the Riksbank’s total sales of government bonds from April 2023 and onwards. Read more on the page Sale of government bonds.

Sales of government bonds

The diagram shows the Riksbank's total sales of government bonds since the sales were initiated in April 2023. The figures are stated in SEK billions.
Source: Sveriges Riksbank.

Purchases of government bonds

Here, we present the Riksbank’s total purchases of government bonds from March 2020 onwards. Until 31 December 2022, the Riksbank purchased government bonds for SEK 121 billion, in addition to the purchases of government bonds decided by the Executive Board before March 2020. The figure below is not updated after December 2022 when the purchases were concluded.

The diagram shows, from March 2020 and on, both the total government bond purchases and the extended government bond purchases decided after the coronavirus pandemic outbreak which were initiated in March 2020. Source: Sveriges Riksbank.

The Riksbank’s total holdings of securities

The page Securities holdings in SEK shows the Riksbank’s total holdings of securities.

General and specific terms and conditions

General and special terms and conditions for taking part in the Riksbank's coming sales auctions, with effect from 2023, will be updated soon. The general terms and conditions can be found under “Related content” and the special terms and conditions can be found on each respective page under "Auction announcements".