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Sweden Drops Interest Rates to Zero
Sweden's central bank has lowered its index interest rate to zero in hopes of stimulating the economy enough to avoid deflation.
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Sweden's central bank has lowered its index interest rate to zero in hopes of stimulating the economy enough to avoid deflation.
The Riksbank began reducing its 2% rate in late 2011 and reached 0.25% last July. The bank considers a 2% inflation rate normal. But Sweden's annualized inflation rate fell from zero in August to -0.4% in September.
Riksbank currently expects Sweden's inflation rate to average -0.2% this year, rising to 0.4% in 2015 and 2.1% in 2016. The bank says it won't begin to raise its rate until mid-2016. It targets a rate of 1.75% near the end of 2017.
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