Sweden’s central bank has raised its key interest rate, saying the “inflationary pressures in the Swedish economy are still too high.”
The Swedish currency has plunged to its lowest level ever against the euro and the U.S. dollar. Sweden has been struggling with high inflation — it was 7.5% in August, down from 9.3% in July, but far from the 2% target set by Sweden’s central bank.
“To ensure that inflation continues downwards and stabilizes around the target within a reasonable period of time, monetary policy needs to be tightened further,” the bank said. Thursday’s interest rate increase meant that the policy rate is at the highest level since October 2008, the Swedish news agency TT wrote.
It comes on a busy day for central bank action. Neighboring Norway’s central bank also raised rates by a quarter-point Thursday, while the Swiss National Bank kept rates steady. The Bank of England was meeting later Thursday, with financial markets split over whether there will be another hike or a pause.left its benchmark interest rate unchanged for the second time in its past three meetings, a sign that it’s moderating its fight against inflation as price pressures have eased.
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