Sweden raises benchmark rate to 0.25 pct

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Sweden raises benchmark rate to 0.25 pct

STORY: Sweden raises benchmark rate to 0.25 pct DATELINE: April 29, 2022 LENGTH: 00:01:24 LOCATION: Stockholm CATEGORY: ECONOMY SHOTLIST: 1. various of the Riksbank, Sweden's central bank 2. press release from the Riksbank 3. street view of Stockholm 4. various of a shopping mall 5. various of a supermarket 6. various of Statistics Sweden STORYLINE: The Riksbank, Sweden's central bank, on Thursday raised its key interest rate from zero to 0.25 percent effective May 4 to counter soaring inflation. It was the first time the rate was in positive territory since September 2014. The bank's Executive Board aims to gradually raise the rate to "somewhat below 2 percent" two or three more times this year, according to a press release. The Riksbank justified the move by recalling that inflation has surged to its highest level since the 1990s and that it is expected to remain high "for some time." According to the Riksbank's projections, Sweden's gross domestic product (GDP) will expand 2.8 percent in 2023 and 1.

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