Ekonomické zprávy
25.11.2021

Riksbank leaves its repo rate unchanged at 0.00 percent

The Riksbank announced that its policymakers left the Bank's repo rate unchanged at 0.00 percent at their November gathering. In addition, they decided that Riksbank should purchase bonds for SEK37 billion in the first quarter of 2022 to compensate for forthcoming principal payments in Riksbank's asset holdings. (As a reminder, the Bank's asset purchase program is to expire on December 31).

In its latest monetary policy report, Sweden's central bank also revealed that its Executive Board expects that the holdings will remain roughly unchanged in 2022, after which they will gradually decline. Meanwhile, the repo rate is seen to be raised in the latter part of 2024. With this monetary policy stance, inflation is forecast to be on target going forward.

Regarding recent price pressures, it was also noted that accelerating inflation has so far mainly been due to rapidly rising energy prices, which, however, are not expected to increase as quickly next year. Meanwhile, inflation, adjusted for energy prices, is seen to continue to grow somewhat and be just over 2 percent until the end of next summer. CPIF inflation excluding energy is expected to fall back somewhat when the supply issues abate.

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