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Riksbank keeps interest rate at 0.25 percent

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09:33 CEST+02:00
Sweden's central bank, the Riksbank, has announced that its benchmark interest rate is to remain unchanged at 0.25 percent. The bank also reiterated that it expects the rate to remain at the same level until autumn 2010.

Sweden's financial recovery is well underway but will take some time, the Riksbank's Executive Board said in a statement on Thursday, adding that its decision was aimed at contributing to a stable recovery and attaining the country's inflation target of 2 percent.

The central bank also noted that while the situation on financial markets was much improved, it had not yet returned to pre-crisis levels. As such, the Riksbank said it had decided to offer further loans amounting to 100 billion kronor to the country's banks. These would be at a fixed interest rate and with a maturity of 11 months.

"This should contribute to continued lower interest rates on loans to companies and households," the Riksbank said.

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