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Financial News: Sweden Keeps Negative Rate On Hold

Sweden Keeps Negative Rate On Hold

07/03/2018 - 04:12:00 (RTTNews)

(RTTNews) - Sweden's central bank decided to maintain its key negative interest rate, as widely expected, and hinted slow rate hikes towards the end of the year.

The Executive Board of Riksbank retained the repo rate at -0.50 percent. The forecast for the repo rate was also unchanged and indicated as before that slow repo rate rises will be initiated towards the end of the year.

If the conditions for the development of inflation were to change, the Executive Board said it is prepared to adjust monetary policy.

The Riksbank's holdings of government bonds amount to about SEK 330 billion. Until further notice, redemptions and coupon payments will be reinvested in the bond portfolio.

The board also decided to extend the mandate that facilitates rapid intervention on the foreign exchange market.

The bank lifted its inflation projections for 2018 and 2019. Inflation is forecast to rise to 2 percent in 2018 instead of 1.8 percent, and the rate for 2019 was lifted to 2.7 percent from 2.6 percent.

Meanwhile, the inflation outlook for 2020 was retained at 2.9 percent.

The economy is forecast to grow 2.5 percent this year compared to prior estimate of 2.6 percent. The growth is seen at 1.9 percent in 2019 versus 2 percent estimated in April.

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