Växelkursmål

Växelkursmål refers to a monetary policy strategy where a country's central bank sets a target for its exchange rate against a specific foreign currency or a basket of currencies. This target is not a rigid peg but rather a range or a desired level that the central bank aims to maintain. The primary objective of a växelkursmål is to achieve greater exchange rate stability, which can have several benefits.

By targeting the exchange rate, a central bank seeks to reduce volatility, making it easier for businesses involved in international trade to plan and invest. Predictable exchange rates can lower the risks associated with imports and exports, potentially boosting economic activity and competitiveness. Furthermore, a stable exchange rate can help in managing inflation, especially in economies that are heavily reliant on imports. If the domestic currency depreciates significantly, import prices can rise, leading to inflationary pressures. A växelkursmål aims to prevent such sharp depreciations.

The central bank uses various tools to defend its växelkursmål. These typically include interventions in the foreign exchange market, where the bank buys or sells its own currency to influence its value. It can also adjust interest rates. Raising interest rates can attract foreign capital, increasing demand for the domestic currency and pushing its value up, while lowering interest rates can have the opposite effect. The credibility of the central bank and its commitment to the target are crucial for the success of a växelkursmål. However, maintaining a växelkursmål can sometimes conflict with other policy objectives, such as controlling domestic inflation or supporting economic growth, and may require difficult trade-offs.