June 13, 2017 / 7:47 AM / 7 months ago

Swedish Riksbank chief says govt FX reserve proposal could breach EU law

STOCKHOLM, June 13 (Reuters) - A Swedish government proposal to reduce the size of the currency reserve could be in violation of EU regulations and encroaches on the independence of the Riksbank, Sweden’s central bank Governor Stefan Ingves said on Tuesday.

“As far as I can judge, it is designed in such a way that it violates EU regulations, it encroaches on the independence of the Riksbank and it makes it harder for us to handle financial stability,” he said in a parliament hearing.

The centre-left government proposed in March to reduce the central bank’s currency reserve by around 200 billion crowns ($22.98 billion) and use that money to pay off on the country’s sovereign debt. ($1 = 8.7033 Swedish crowns) (Reporting by Johan Ahlander; editing by Niklas Pollard)

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