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Sweden cuts its key rate to 0.5%
11 Feb 2016 10:10
Sweden's central bank cut its benchmark rate by more than expected today and said it was ready to do more to push up sluggish inflation amid worries about global growth, despite fears it was stoking a credit bubble.
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An aggressive Riksbank lowered the rate to -0.5% from -0.35%.
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It also effectively expanded its bond purchase scheme by saying it would reinvest money from maturing bonds and coupon payments from its asset portfolio.
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Sweden's central bank said it was looking at other ways to ease policy, including currency intervention.
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"The period of low inflation will be longer," the Riksbank said in a statement.
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"This increases the risk of weakening confidence in the inflation target and of inflation not rising towards the target as expected," it added.
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A threatened global slowdown will make it even harder for the Riksbank to push up prices, which have undershot the central bank's 2% target for over five years, despite record low interest rates and a massive bond-buying programme.
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