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Financial News: Sweden Central Bank Hikes Rate As Expected

Sweden Central Bank Hikes Rate As Expected

12/19/2019 - 03:58:00 (RTTNews)

(RTTNews) - Sweden's central bank raised its key interest rate as expected, as inflation remained near the target.

The Executive Board of Riksbank, on Thursday, lifted the repo rate to zero percent from -0.25 percent. The forecast for the repo rate was unchanged, and the repo rate was expected to remain at zero percent in the coming years.

"Inflation has been close to the target of 2 percent since the start of 2017, and the Riksbank assesses that conditions are good for inflation to remain close to the target going forward," the bank said in a statement.

The repo rate has been negative since the start of 2015. An interest rate of zero percent along with large holdings of government bonds, means that monetary policy will remain expansionary and thereby create the conditions for inflation to remain close to the target, the bank added.

Inflation is expected to remain at 1.8 percent in 2020 and 2021 before rising to 2.1 percent in 2022. The economy is forecast to grow 1.2 percent next year, 1.7 percent in 2021 and 1.9 percent in 2022.

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