Swedish central bank hires BlackRock in feud with Parliament

Sweden’s central bank just hired consultants from BlackRock to help it buy the corporate bonds at the center of a legal dispute with the country’s parliament.

Photo: Riksbanken

BlackRock’s Financial Markets Advisory unit will assist the 352-year-old Riksbank in figuring out how best to approach purchases of an asset class never before included in its crisis packages. New York-based BlackRock has done similar work for the Federal Reserve, among others, as central banking moves into unfamiliar territory.

But in Sweden the step may prove more controversial as the Riksbank fights for its legal right to add corporate bonds to its quantitative easing program. The top expert advising the parliament committee overseeing the bank says such purchases are off limits under existing law.

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