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Swedish CB Says Nearly Time for Tightening
Swedish CB Says Nearly Time for Tightening

Swedish CB Says Nearly Time for Tightening

Swedish CB Says Nearly Time for Tightening

Sweden’s central bank says a shift away from ultra-loose monetary policy is coming, but the board is split over when and how fast it should move, minutes of the latest policy meeting, published on Wednesday, showed, Reuters reported. In December, the Riksbank signaled the beginning of the process of ending three years of negative rates and bond purchases. “We have come a little closer to the point in time when monetary policy is expected to change direction, but we are not there yet,” Governor Stefan Ingves said in the minutes. However, there is a growing divide among rate-setters about how quickly policy should be normalized. While Ingves was supported by Deputy Governor Per Jansson, fellow board member Henry Ohlsson said an improved inflation picture meant that the Riksbank could start to hike the benchmark repo rate early this year. Deputy Governor Cecilia Skingsley also pointed to more room for the Riksbank to deviate from the relatively dovish policy being pursued by the European Central Bank, whose moves impact Sweden.

 

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