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Sweden keeps key interest rate unchanged in negative territory

Xinhua, December 22, 2016 Adjust font size:

The Swedish central bank Riksbank on Wednesday said it would keep its repurchase -- or repo rate -- unchanged at minus 0.50 percent and further purchase government bonds worth 30 billion SEK (3.25 billion U.S. dollars).

"The repo rate is retained at minus 0.50 percent and there is still a greater probability that the rate will be cut than that it will be raised in the near term. Increases in the repo rate are not expected to begin until the beginning of 2018," Riksbank said in a press release.

The decision on the repo rate will come into effect on Dec. 28 this year.

"The executive board of the Riksbank has decided to continue purchasing government bonds during the first six months of 2017, both nominal and real bonds, each corresponding to 15 billion SEK," it added.

The bank said increasingly strong economic activity creates the conditions for inflation to continue rising. But there are risks that can jeopardize the upturn in inflation, hence monetary policy needs to remain expansionary. Enditem