Swedish central bank announces rate hike of 25 basis points

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Swedish central bank announces rate hike of 25 basis points

STORY: Swedish central bank announces rate hike of 25 basis points DATELINE: June 30, 2023 LENGTH: 00:01:48 LOCATION: Stockholm CATEGORY: ECONOMY SHOTLIST: 1. various of Sweden's central bank 2. various of street views in Stockholm 3. various of a gas station STORYLINE: Sweden's central bank on Thursday announced a 25 basis point hike of its benchmark interest rate to 3.75 percent -- a level not seen since 2008. It is the seventh consecutive rate hike by the Riksbank since May last year. Before this round of interest rate hikes, the policy rate in Sweden had been at zero or sub-zero for more than seven years. Another increase is also likely to come before the end of the year, the Riksbank said in a press release. Inflation in the country stood at 9.7 percent in May, according to Statistics Sweden. Although it is falling, the rate is still "far too high," the bank said. The unexpected rapid rise in service prices, which may reflect demand pressures in parts of the Swedish economy, is the mai

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