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Financial News: Riksbank Keeps Negative Rate, QE Unchanged

Riksbank Keeps Negative Rate, QE Unchanged

10/26/2017 - 04:09:00 (RTTNews)

(RTTNews) - Sweden's central bank decided to maintain its negative interest rate and asset purchase plan, on Thursday.

The Executive Board of the Riksbank retained the repo rate at -0.50 percent, as widely expected. The bank said it is unlikely to raise the rate until the middle of 2018, after which slow increases will be initiated.

Purchases of government bonds will continue during the second half of 2017, as decided by the board in April. As asset purchases run for the remainder of the year, it will provide an opportunity to await further information that could affect a decision in December to possibly extend the purchases, the bank said.

The board also took a decision to extend the mandate that facilitates a quick intervention on the foreign exchange market.

Inflation was expected to fall back slightly in the period ahead but will remain close to 2 percent in the coming years, Riksbank said.

The bank maintained its inflation outlook for 2017 at 1.8 percent, but lowered its projection for 2018 to 1.9 percent from 2.1 percent and that for 2019 to 2.8 percent from 2.9 percent.

The bank also downgraded its growth forecast for this year and next. The bank expects 2.9 percent growth in 2017 instead of 3.2 percent and the outlook for 2018 was lowered to 2.9 percent from 2.7 percent.

Riksbank kept the projection for 2019 unchanged at 2 percent.

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