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Sweden's central bank announces fresh rate cut

Posted on August 26, 2024 |

Sweden's central bank, the Riksbank, has cut its key interest rate to 3.5% to boost its slow economy.

This is the second rate cut by the Riksbank in 2024, following an earlier reduction.

While major central banks like the US Federal Reserve have kept rates high to fight inflation, the European Central Bank and the Bank of England have recently started lowering rates.

Sweden, not being in the eurozone, can independently adjust its monetary policy to fit its economic needs.

Inflation in Sweden has dropped below the 2% target, contributing to the economic slowdown.

The Riksbank began its rate cuts in May, making it one of the first to do so in nearly eight years.

In June, the Riksbank held the rate at 3.75% but indicated that more cuts might be coming due to easing inflation.

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