On the development of SWESTR in Q3 2025

We analyse the development of the Swedish krona Short-Term Rate (SWESTR) in Q3 2025. The SWESTR is a reference rate that can be used for setting rates between banks, and it is based on transactions happening in the financial market. We do the analysis with support from a Power BI report, which we have developed and which is available in our Portfolio. For more information on the SWESTR, please see our previous blog post or the Swedish central bank’s website.

Overview of SWESTR in Q3 2025

By using the mentioned Power BI report, we see in the picture below an overview of the SWESTR development. As an example, we see that Q2 2025 ended with the 1 week average of the SWESTR at 2.0%. As at 24th of August 2025, the SWESTR has decreased by 151 bps compared to one year ago. The latest published SWESTR rate is at 1.889%. This is aligned with the 1 week average which is at 1.9%, slightly below the 2.0% average at the end of Q2 2025.

The chart in the upper-left corner presents averages calculated over 1 to 6 months. We see that all averages are close to 2%. In the press relase published at 20th of August 2025, the policy rate was unchanged at 2.00% by the Riksbank. It also says that there can be a further interest rate cut in the end of the year. This will likely be reflected in the coming months in the report.

SWESTR trend

In the bottom left chart, in the picture above, we see that the rate with which the SWESTR decreases, has slowed down. At the end of Q2 2025, the SWESTR was at 2.0%, which was just approximately 10 bps lower than at the end of Q1 2025. This is in contrast to for example between Q2 2024 and Q3 2024, when it was approximately 80 bps lower from one quarter to another.

To further review the trend over time, we zoom in on the development per month, and we had already removed a filter so that we can see the current average despite Q3 2025 not being concluded. We then see that the SWESTR reference rate is now at its lowest level since Q3 2022.

Number of transactions and SWESTR volume

We also review the number of transactions and the SWESTR volume in monetary terms. First, we note from the summary picture above, that Q3 2025 so far has on average 214 transactions happening per day. That is an increase from 154 in Q3 2024 – a 39% increase. The average transaction volume per day decreased from 64.57 BSEK in Q3 2024 to 72.07 BSEK – a 12% increase and 7.5 BSEK higher volume per day. That is a significant increase in volume.

In the chart below, we zoom in on the development of daily number of transactions and daily average volume per month. We see that there is a clear trend where the number of transactions per day is increasing, and there are on average 216 transactions per day so far in August 2025. Ignoring the first months after the launch, the volume goes up and down between approximately 50 BSEK and 77 BSEK per day. The average volume in August 2025 has been 76.64 BSEK per day so far.

Summary

So far in Q3 2025, the SWESTR has decreased slightly to approximately 1.9%, which is the lowest level since Q3 2022. There are more and more transactions happening each day with the SWESTR – in Q3 2025 on average 214 per day, which is an increase by 39% compared to the same quarter last year. At the same time, the average daily volume was 72.07 BSEK in Q3, which is an increase by 12% compared to the same quarter last year.