Sweden Interest Rate  1994-2017 | Data | Chart | Calendar | Forecast

Sweden's central bank held its benchmark repo rate at -0.5 percent on February 15th, 2017, as widely expected, saying a continued strong level of economic activity and a krona that does not appreciate too rapidly are required for inflation to stabilise around the 2 percent target. Policymakers added that there is still a greater probability that the rate will be cut than that it will be raised in the near term and that purchases of government bonds will continue for the first six months of 2017, as was decided in December. Interest Rate in Sweden averaged 3.32 percent from 1994 until 2017, reaching an all time high of 8.91 percent in July of 1995 and a record low of -0.50 percent in February of 2016.

Sweden Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-10-27 07:30 AM Riksbank Rate Decision -0.5% -0.5% -0.5% -0.5%
2016-12-21 08:30 AM Riksbank Rate Decision -0.5% -0.5% -0.5% -0.5%
2017-02-15 08:30 AM Riksbank Rate Decision -0.5% -0.5% -0.5% -0.5%
2017-03-01 08:30 AM Riksbank Meeting Minutes
2017-04-27 07:30 AM Riksbank Rate Decision -0.5% -0.5%
2017-05-10 07:30 AM Riksbank Meeting Minutes




Sweden Holds Repo Rate at -0.5%


Sweden's central bank held its benchmark repo rate at -0.5 percent on February 15th, 2017, as widely expected, saying a continued strong level of economic activity and a krona that does not appreciate too rapidly are required for inflation to stabilise around the 2 percent target. Policymakers added that there is still a greater probability that the rate will be cut than that it will be raised in the near term and that purchases of government bonds will continue for the first six months of 2017, as was decided in December.

Excerpts from the Statement by the Executive Board of the Riksbank:

The economic outlook abroad is brighter in the near term, and the recovery is continuing in line with earlier forecasts. At the same time, there is considerable political uncertainty in several areas of the world, which means that the risks of setbacks have increased.

In Sweden, the Riksbank's expansionary monetary policy has contributed to high growth, falling unemployment, rising inflation and inflation expectations that are back at 2 per cent. CPIF inflation was close to 2 per cent in December, but the recent upturn has been primarily driven by a temporary rise in energy prices. Excluding energy prices, inflation is still low. The strong economic activity creates good conditions for inflation to continue rising. However, inflation is not expected to stabilise around 2 per cent until the end of 2018.

The krona exchange rate continues to create uncertainty about the development in inflation. Since December, the krona has been clearly stronger than expected. This rapid appreciation is not expected to continue, however. The Riksbank's forecast is for the krona to appreciate slowly as economic activity improves.

To ensure inflation stabilises around the target, it is necessary for economic activity to remain strong and for the krona to appreciate at a not too rapid pace. The political uncertainty abroad is enhancing the need for monetary policy to remain expansionary. The Executive Board has decided to hold the repo rate unchanged at -0.50 per cent. The repo rate path reflects the fact that there is still a greater probability that the rate will be cut than that it will be raised in the near term, and that slow increases will not begin until the start of 2018. Purchases of government bonds will continue for the first six months of 2017, as decided in December 2016. Until further notice, maturities and coupon payments will be reinvested in the government bond portfolio. The Executive Board has also taken a decision to extend the mandate that facilitates a quick intervention on the foreign exchange market.

The Executive Board is still prepared to make monetary policy more expansionary if the upward trend in inflation were to be threatened and confidence in the inflation target weakened. All of the tools that the Riksbank has described earlier, most recently in the September 2016 Monetary Policy Report, can as always be used if necessary.

Monetary policy needs to be expansionary to safeguard the role of the inflation target as nominal anchor for price-setting and wage formation. But the low interest rate levels also entail risks, such as those linked to the high and increasing household indebtedness. To achieve long-term sustainable development in the Swedish economy, these risks need to be managed via targeted measures within housing policy, fiscal policy and macroprudential policy.

Riksbank | Joana Ferreira | joana.ferreira@tradingeconomics.com
2/15/2017 8:59:53 AM



Sweden Money Last Previous Highest Lowest Unit
Interest Rate -0.50 -0.50 8.91 -0.50 percent [+]
Interbank Rate -0.49 -0.49 13.13 -0.63 percent [+]
Money Supply M0 60718.00 60720.00 100763.00 60600.00 SEK Million [+]
Money Supply M3 2992204.00 3001842.00 3001842.00 987445.00 SEK Million [+]
Banks Balance Sheet 9420612.00 10203528.00 10464869.00 1784742.00 SEK Million [+]
Foreign Exchange Reserves 532765.00 538445.00 547140.00 34098.00 SEK Million [+]
Loans to Private Sector 1287602.00 1306116.00 1315018.00 344995.00 SEK Million [+]
Deposit Interest Rate -1.25 -1.25 8.00 -1.25 percent [+]
Central Bank Balance Sheet 846288.00 844791.00 846288.00 28957.00 SEK Million [+]
Private Debt to GDP 269.85 270.13 274.89 186.73 percent [+]
Money Supply M1 2483342.00 2471434.00 2483342.00 627592.00 SEK Million [+]
Money Supply M2 2917782.00 2903568.00 2917782.00 840564.00 SEK Million [+]
Loan Growth 7.20 7.20 13.12 2.04 percent [+]



Sweden Interest Rate Notes

In Sweden, benchmark interest rate is set by the Executive Board of the Central Bank of Sweden (The Riksbank). The main interest rate is the repo rate which is the rate of interest at which banks can borrow or deposit funds at the Riksbank for a period of seven days. This page provides the latest reported value for - Sweden Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Sweden Interest Rate - actual data, historical chart and calendar of releases - was last updated on February of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
-0.50 -0.50 8.91 -0.50 1994 - 2017 percent Daily



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