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Sweden Interest Rate

Sweden Interest Rate

Riksbank's Policy Rate in Sweden

The Riksbank's Policy Rate ended 2022 at 2.50%, up from the 0.00% end-2021 value and up from the reading of 0.75% a decade earlier. For more interest rate information, visit our dedicated page.

Sweden Interest Rate Chart

Note: This chart displays Policy Rate (%, eop) for Sweden from 2014 to 2023.
Source: Central Bank of Sweden.

Sweden Interest Rate Data

2018 2019 2020 2021 2022
Riksbank's Policy Rate (%, eop) -0.50 -0.25 0.00 0.00 2.50
3-Month STIBOR (%, eop) -0.13 0.15 -0.05 -0.05 2.70
10-Year Bond Yield (%, eop) 0.45 0.14 0.03 0.29 2.37

Riksbank holds again in January

At its first scheduled meeting of the year on 31 January, the Riksbank once again held the policy rate at 4.00%. The pause, which mirrored November’s decision, had been penciled in by markets. Moreover, the Riksbank announced that nominal government bond sales would increase to normalize the Bank’s balance sheet: Starting 1 February, it will sell SEK 5.7 billion per month instead of SEK 4.2 billion.

The hold was primarily driven by the need to keep monetary policy restrictive to continue driving inflation down and anchor it around the Bank’s 2.0% target. The hold was cautious: The Riksbank acknowledged upside risks to the inflationary outlook remained, including supply shocks due to geopolitical tensions and a renewed steep weakening of the krona.

The Riksbank’s tone in its latest communiqué was more dovish: The Bank assessed a diminished risk of inflation becoming entrenched at too high a level and stated that the policy rate could be lowered sooner than it had anticipated in its November 2023 meeting. While some of our panelists see the Riksbank cutting rates as soon as Q2, the majority don’t expect it to embark on a loosening cycle until Q3. The next meeting is scheduled for 26 March, with the decision to be announced the following day.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Swedish interest rate projections for the next ten years from a panel of 15 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable interest rate forecast available for Swedish interest rate.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Swedish interest rate projections.

Want to get access to the full dataset of Swedish interest rate forecasts? Send an email to info@focus-economics.com.

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