Sweden's central bank raised its key interest rate and decided to reduce the size of balance sheet in the second half of the year, taking a U-turn from its dovish stance.
The Executive Board of Riksbank decided to lift the repo rate unexpectedly to 0.25 percent from 0.00 percent. This was the first hike since January 2020, when the rate was lifted to zero.
The bank now forecast two to three rate hikes this year, and plans to take the rate finally somewhat below 2 percent at the end of the three-year forecast period.
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by Renju Jaya
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