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Financial News: Sweden Central Bank Maintains Repo Rate, Sees Greater

Sweden Central Bank Maintains Repo Rate, Sees Greater Chance Of Cut

02/15/2017 - 03:44:00 (RTTNews)

(RTTNews) - Sweden's central bank again left the key interest rate unchanged and signaled the likelihood of more reduction in the near term, citing considerable political uncertainty and the rising risks of setbacks.

The Executive Board decided to hold the repo rate at ?0.50 percent, the Riksbank said in a statement on Wednesday. There is still a greater probability that the rate will be cut than that it will be raised in the near term, the bank added.

The decision was in line with economists' expectations.

Policymakers also decided to continue purchases of government bonds for the first six months of 2017, as was decided in December. Further, they decided to extend the mandate that facilitates a quick intervention on the foreign exchange market.

"Economic activity is strengthening, but there is considerable political uncertainty abroad and the risks of setbacks have increased," the bank said.

"For inflation to stabilize around 2 percent, a continued strong level of economic activity and a krona that does not appreciate too rapidly are required. Monetary policy therefore still needs to remain expansionary."

The bank noted that Deputy Governor Martin Floden entered a reservation against the decision to extend the mandate for interventions on the foreign exchange market, with the same motivation as given at the meetings in January, February and July 2016.

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