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Friday, December 4, 2020

Sweden raises interest rates after 7 years

Sweden’s Riksbank or central bank has increased the repo rate for the first time since 2011, and is expected to increase further by the end of 2019.
The repo rate had increased from -0.50 percent to -0.25 percent.

Sweden’s currency responded positively to the change, after the announcement, achieved 0.7 percent against the euro.

Riksbank said on Thursday, “The forecast of the repo rate indicates that the next increase is likely to occur in the second half of 2019. After that, the forecast shows about two increments of 0.25 percent points per year on each occasion.”

Annika Winsth, Nordea bank’s head economist, called the rise a “smart decision”.

Speaking to TT Newswire, Winsth  said: “[The Riksbank] was very clear that they would increase interest rates today. Then, statistics came in that were much weaker compared to when they made that statement and it put them in a very difficult situation, the market has been very uncertain of the message they would receive today. Now, they have stuck to what was communicated, and I think that’s wise.” “

In February 2015, Rixbank took a historic decision to reduce the interest rate below zero, repo, hoping that the strategy would encourage inflation to increase the price of goods and services everyday which were stable in recent years, and Therefore, improving the economic prospects of the Nordic Nation.

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