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Riksbank Sticks With 0% Rate as Inflation Goal Won’t Be Hit for Years

The Riksbank kept its benchmark interest rate at zero.

The Riksbank kept its benchmark interest rate at zero.

Photographer: Mikael Sjoberg/Bloomberg
Updated on

Sweden’s central bank Governor Stefan Ingves made clear he’s more worried about withdrawing monetary support too soon rather than too late, given the severity of the current crisis.

Speaking to reporters on Wednesday, Ingves said he’s in “no hurry” to adjust the Riksbank’s guidance, which shows a key interest rate of zero into 2024, as inflation remains stubbornly below the 2% target for years to come.