Riksbank tightens policy for first time since pandemic's onset

Swedish central bank surprised analysts by raising rates and reducing asset reinvestments

Photo: Sveriges Riksbank

Sweden’s central bank raised policy rates for the first time since the beginning of the Covid-19 pandemic and announced plans to reduce its balance sheet.

Sveriges Riksbank’s executive board increased the repo rate by 25 basis points to 0.25% today (April 28). It also decided to stop purchasing Treasury bills and to reduce the pace at which it reinvests maturing assets it purchased in 2020 and 2021.

The rise followed months in which the Riksbank declined to follow other European central banks

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