Riksbank cuts to counter higher borrowing costs

The Riksbank cut rates by half a point on Thursday, and pledged to loosen further, to temper tighter credit conditions in Sweden.

The central bank's benchmark repo rate stands at 3.75%, the lowest level since September 2007, following the move.

"The crisis in financial markets had led to higher loan costs for companies and households, lower capital wealth and increased uncertainty in general. Access to credit has declined," the central bank said. "The assessment is that the financial crisis a

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