March 13, 2020 / 10:37 AM / in 18 days

Swedish urges banks to supply credit to companies

STOCKHOLM, March 13 (Reuters) - Swedish banks should take responsibility to ensure Swedish companies have access to credit should they need it, central bank Governor Stefan Ingves said on Friday, after the Riksbank announced it had offered a liquidity relief package.

“This is basically free money and we expect the Swedish banks to pass it on to Swedish companies,” Ingves said at a news conference.

Sweden’s central bank said earlier on Friday it would lend up to 500 billion Swedish crowns ($51 billion) at 0% to Swedish companies via banks, moving to shore up credit flows as the coronavirus epidemic wreaks havoc on global financial markets. (Reporting by Simon Johnson and Johan Ahlander; Editing by Kevin Liffey)

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