Riksbank’s Executive Board Unanimously Voted to Cut Repo Rate, Minutes Shows

(RTTNews) - Wednesday, the minutes of the Swedish central bank’s Executive Board meeting held on October 8 showed that the members unanimously decided to slash the repo rate by 0.5 percentage points to 4.25%.

In a coordinated move, the Riksbank had slashed the rate along with the US Federal Reserve, Bank of Canada, the Bank of England, the European Central Bank and the Swiss National Bank on October 8.

All members of the Executive Board viewed that a reduction in the repo rate in the current situation would mitigate the consequences of the financial crisis for the real economy. “Although developments in Sweden to some extent differ from those in other countries, a cut is warranted here too,” the minutes revealed.

As the rate cut was coordinated with other central banks, it would raise confidence and the likelihood that it would have positive effects, the Board assessed.

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