In Sweden, money supply M0 consists theoretically of the Swedish public's holdings of banknotes and coins issued by the Riksbank. It is the most liquid of the measurements. In practice, M0 is calculated as the total stock of banknotes and coins in circulation (formally a debt instrument in the Riksbank's balance sheet) minus the Swedish MFI's cash balances in Swedish krona. The Swedish definition of banknotes and coins in circulation also includes commemorative coins.