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REPEAT: MNI: Sweden Riksbank Leaves Key Rate At -0.50% - Text

MNI (London)
Repeats Story Initially Transmitted at 08:35 GMT Dec 20/03:35 EST Dec 20
--Brings Forward Reinvestment of Maturing Bonds To Jan 2018
--First Riksbank Hike Still Not Seen Until Mid-2018
     LONDON (MNI) - Sweden's Riksbank has decided to leave the key repo rate
unchanged at -0.5% at Monday's meeting, with bond buying plans left unchanged.
The central bank repeated that it doesn't expect raise rises until the middle of
2018. However, the Board has decided to bring forward the plans to reinvest
maturing bonds.
     The full text of the Riksbank announcement follows:
     ===========================================================================
======================
     Repo rate unchanged at -0.50 per cent, reinvestment of redemptions brought
forward
The strong economic activity has contributed to inflation being close to 2 per
cent for a period of time. Monetary policy needs to remain expansionary for
inflation to continue to be close to the target. The Executive Board of the
Riksbank has therefore decided to hold the repo rate unchanged at -0.50 per cent
and is expecting, as before, to begin slowly raising the repo rate in the middle
of 2018. The Executive Board has also decided to begin reinvesting in January
2018 the bonds that mature in 2019. 
     International economic activity is strengthening further. The relatively
subdued inflationary pressures mean, however, that monetary policy abroad will
remain expansionary in the years ahead. 
     The economic prospects and outlook for inflation in Sweden are largely
unchanged from October. Economic activity is strong and the employment rate is
high. Although the decline in housing prices is expected to dampen housing
investment in the coming years, the effects on GDP growth will be partly
counteracted by the stronger demand from abroad.
     Continued expansionary monetary policy to keep inflation close to the
target
Although inflation has now been close to 2 per cent for some time, prior to this
it was below the target for a long time. It has required a great deal of support
from monetary policy to bring up inflation and inflation expectations. Economic
activity needs to remain strong for inflation to continue to be close to the
target. It is also important that the krona does not appreciate too quickly.
     The Executive Board of the Riksbank has therefore decided to hold the repo
rate unchanged at -0.50 per cent and is expecting, as before, to begin slowly
raising the repo rate in the middle of 2018. The Riksbank's net purchases of
government bonds will amount to a nominal value of SEK 290 billion at the end of
2017. Redemptions and coupon payments in the government bond portfolio will be
reinvested until further notice. Large redemptions, amounting to around SEK 50
billion, will occur during the first half of 2019. In addition, there are coupon
payments totalling around SEK 15 billion from January 2018 to June 2019. To
retain the Riksbank's presence on the market and attain a relatively even rate
of purchase going forward, the reinvestments of these redemptions and coupon
payments will begin as early as January 2018 and continue until the middle of
2019. This means that the Riksbank's holdings of government bonds will increase
temporarily in 2018 and the beginning of 2019.
     Just as before, the Riksbank is prepared to implement further monetary
policy easing if necessary to stabilise inflation and safeguard the inflation
target. All of the tools that the Riksbank has described earlier can be used if
necessary.
     Monetary policy safeguards the inflation target's role as nominal anchor
for price and wage formation and thereby contributes to the positive development
of the economy. But the low interest rates at the same time contribute to
increasing the risks linked to high and rising household indebtedness. To
achieve long-term sustainable development in the Swedish economy, these risks
need to be managed via measures within housing policy, taxation policy and, if
necessary, macroprudential 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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