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Interest rates up to 2.5 percent

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09:53 CEST+02:00
The Swedish central bank, the Riksbank, has raised its main interest rate, the repo rate, by 0.25 percentage points to 2.5 percent. The rise is the fourth in a row from the Riksbank since interest rates hit a low of 1.5 percent at the start of the year.

Inflation is in line with the government target of two percent per annum, the Riksbank wrote in a statement on Wednesday.

"Growth in Sweden is expected to be higher this year and also net year in relation to the forecast made in June, despite the fact that expectation of repo rate increases in Sweden have been adjusted upwards," the bank wrote.

The bank said that the number of hours worked in Sweden increased at an unexpectedly low rate, which it put down to an increase in productivity. It said, however, that the labour market would improve as the economy continues to grow.

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