April 28, 2020 / 10:07 AM / a month ago

Swedish c.bank's Ingves says rate cut not meaningful in current situation

STOCKHOLM, April 28 (Reuters) - A 0.25% interest rate cut would not solve Sweden’s economic problems as it faces a deep economic downturn as a result of the outbreak of the novel coronavirus, the head of the central bank said on Tuesday.

“Given what is now going on in the Swedish economy, 0.25 percentage points on the interest rate is not what is going to solve Sweden’s financial problems,” Riksbank Governor Stefan Ingves told reporters. “That is to fine-tune and the measures we are currently taking are much more important.”

Earlier, the Riksbank held its benchmark rate unchanged at 0% and made no fresh additions to a package of measures aimed at supporting credit supply and liquidity in the banking system. (Reporting by Simon Johnson; editing by Johan Ahlander)

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