Central banks are resorting to ever more radical means to prevent deflation strengthening its grip over European economies, with Sweden’s Riksbank yesterday becoming the first to set a negative main policy interest rate.
Many monetary policy authorities have set negative deposit rates for banks in recent years, including the European Central Bank, Swiss National Bank and Nordic central banks, but the Swedish move was a first on the main repo rate paid to the banking system.
The Riksbank cut the rate 10 basis points to minus 0.1 per cent and said it would buy SKr10bn ($1.2bn) in government bonds in its own form of quantitative easing.
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