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Sweden's Riksbank has kept the interest rates steady, while firing another round of quantitative easing. Interest rate was kept at -0.35%, while increasing its asset purchase program by SEK 65 billion.
- Citing considerable uncertainty in global economic strength and risks to inflation the central bank has boosted its asset purchase program. It has also pledged to keep interest rates at lower levels for longer time than previously anticipated.
- The central bank has taken quite an aggressive stance given its comments that it stands not only ready to act further and ready to intervene in the currency market, should Krona threaten inflation. Moreover Riksbank is prepared to launch a program of lending to companies via banks.
- Riksbank also taken serious note to developments abroad. According to the bank it needs to take into account that other central banks (probably referring to ECB) ready to expand policy further, which means global rate should be lower for longer or it might risk unnecessary strengthening of Krona and damp import prices.
Krona, however showing strong resilience, up 0.48% against Dollar trading at 8.465 per Dollar and still up 0.3% against Euro, trading at 9.356 per Euro.
