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MNI: Sweden Riksbank - Repo Leaves Key Rate At 0% - Full Text

MNI (London)
     LONDON (MNI) - Sweden's Riksbank left the key repo rate unchanged at 0.0%
at its latest meeting.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
The full text of the Riksbank announcement follows:
Monetary policy April 2020: 
The Riksbank is supporting an economy in crisis 
     The corona pandemic is hitting the world hard and restrictions to reduce
the spread of infection are leading to widespread economic consequences. In
recent weeks, the Executive Board of the Riksbank has taken decisions on a large
number of measures. The aim has been to facilitate credit supply in the economy
and counteract a rise in interest rates to households and companies as
uncertainty in the economy increases. 
     At yesterday's monetary policy meeting, the Executive Board of the Riksbank
decided to continue purchases of government and mortgage bonds up to the end of
September 2020 and to leave the repo rate unchanged at zero percent. The
Riksbank is prepared to continue to use the tools at its disposal to provide
support to the economy and inflation. The combination of appropriate measures
will be adjusted to economic developments.
     Global economic crisis The extensive restrictions imposed in order to limit
the spread of the coronavirus have caused a sharp slowdown in activity in the
global economy. This dramatic development has completely changed the economic
prospects for both Sweden and the rest of the world. Many companies will be hit
hard and many people will lose their jobs. In the current situation, however, it
is difficult to say how deep and prolonged the economic downturn will be.
     The changed economic conditions have been reflected in substantial
movements on financial markets. At the same time, liquidity and market
functionality have deteriorated. This has made it more difficult for banks and
companies to fund their activities.
     Comprehensive measures to bridge over the crisis Over the last seven weeks,
the Executive Board of the Riksbank has decided on a large number of measures,
including offering banks loans of up to SEK 500 billion for onward lending to
companies, buying securities for up to SEK 300 billion and offering loans to
banks in US dollars. The aim has been to facilitate credit supply in the economy
and counteract a rise in interest rates to households and companies as
uncertainty in the economy increases. This will make it easier for viable
companies to fund their activities, via either bank loans or financial markets,
and to bridge over the critical crisis period. It will also create the
conditions for a more rapid recovery once the economy starts to open up again.
In the long term, this means that the scope for attaining the inflation target
will also improve.
     Low interest rates for the foreseeable future
     At the monetary policy meeting yesterday, the Executive Board decided to
continue purchases of government and mortgage bonds up until the end of
September 2020. The purchases are being made within the framework decision for
purchases of securities up to SEK 300 billion during the year, which was adopted
on 16 March.
     The Executive Board also decided to leave the repo rate unchanged at zero
per cent. It was not deemed justified at this point in time to try to increase
demand by lowering the repo rate when the downturn in the economy is due to
imposed restrictions and people's concerns about the spread of infection.
However, this does not rule out the possibility of the interest rate being cut
at a later date if this is deemed an effective measure to stimulate demand and
support the development of inflation in the recovery phase.
     Although future economic developments are extremely uncertain, everything
nevertheless indicates that monetary policy stimulus will be needed in the form
of low interest rates and a large amount of liquidity for the foreseeable
future. The combination of measures deemed appropriate is constantly evaluated
and will be adjusted to economic developments.
     The Government, the Riksdag and other authorities have implemented a long
series of historically extensive measures. The Riksbank's measures are a
complement to many of these, by supporting the objectives of the general
economic policy.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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