PRESS MEETING RIKSBANK'S INTEREST RATE ANNOUNCEMENT

PRESS MEETING RIKSBANK'S INTEREST RATE ANNOUNCEMENT

Riksbank Governor Erik Thedéen during a press conference, in Stockholm, after the announcement that the Riksbank will leave the policy rate unchanged at 1.75 percent.Photo: Pontus Lundahl / TT / Code 10050

Swedish central bank cuts interest rate amid weak economy

STORY: Swedish central bank cuts interest rate amid weak economy SHOOTING TIME: May 8, 2024 DATELINE: May 9, 2024 LENGTH: 00:01:31 LOCATION: Stockholm CATEGORY: ECONOMY SHOTLIST: 1. various of Sweden's central bank 2. various of Stockholm street STORYLINE: Amid weak economic activity, Sweden's central bank lowered its benchmark interest rate from 4 percent to 3.75 percent on Wednesday. This is the first rate cut in eight years. The Riksbank said the change to the policy rate will apply from May 15. The Riksbank's executive board said that if the outlook for inflation still holds, two more policy rate cuts can be expected in the second half of the year. "It was expected. They cut the interest rate because inflation is sinking towards the target even faster than the Riksbank had predicted, and the economy is weak," said Alexander Noren, an economic commentator on Swedish Television (SVT). "However, they will proceed carefully and not spring any surprises," Noren added. "I am totally convinced

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.