Sweden’s central bank cut interest rates for the first time in eight years as European monetary policymakers diverge from the US to support their economies even if it comes at the expense of their currencies.
The Riksbank reduced its main interest rate by 0.25 percentage points to 3.75 per cent on Wednesday, the first time it has loosened policy ahead of the US Federal Reserve this century.
“When inflation approaches the target while economic activity is weak, monetary policy can be eased,” the Riksbank said. “If the outlook for inflation still holds, the policy rate is expected to be cut two more times during the second half of the year.”
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