Sweden slashes rates to 1%

Sweden’s central bank cut interest rates on the 11 February 2009 to an unprecedented 1% – the lowest level since the repo rate was introduced in 1994 – as it seeks to offset the effects of a deepening recession. Rates were 3.75% in December 2008 and the sudden reductions have compounded a growing sense of crisis as economic growth contracts, unemployment rises and deflation looms.

ESO: Background information: Sweden slashes rates to 2% http://www.europeansources.info/record/sweden-slashes-rates-to-2/

Riksbank: Press Release, 11.2.09: Repo rate cut to 1 per cent http://www.riksbank.com/templates/Page.aspx?id=30512

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