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Financial News: Sweden Central Bank Holds Rate At -0.25%

Sweden Central Bank Holds Rate At -0.25%

07/03/2019 - 03:58:00 (RTTNews)

(RTTNews) - Sweden's central bank maintained its negative interest rate and kept its forecast of the repo rate unchanged on Wednesday.

The Executive Board of Riksbank on Wednesday decided to hold the repo rate unchanged at -0.25 percent, as widely expected.

The bank said the repo rate will be increased again towards the end of the year or at the beginning of next year, unchanged from previous projection.

Policymakers also decided that the Riksbank will purchase government bonds for a nominal amount of SEK 45 billion from July 2019 to December 2020.

The bank noted that the risks concerning international developments may have a bearing on the economic outlook and inflation prospects for Sweden.

If the conditions for inflation change were to change, monetary policy will be adjusted, the bank said.

The central bank forecast inflation to rise to 2.2 percent in 2020 from an estimated 1.8 percent this year. The forecast for 2019 was revised down from 2 percent and that for 2020 from 2.3 percent. The economy is projected to expand 1.8 percent this year and 1.6 percent in 2020. In April, the bank had forecast 1.7 percent growth in 2019 and 1.9 percent in 2020.

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