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Swedish Krona Rate Update
03 November 2014

A momentous happening occurred last week; on Tuesday 28th October an historic event in Swedish economics unfurled. The Krona hit an overall four-year low against major currencies, after news that the Sveriges Riksbank, the Swedish central bank, shocked investors and shareholders alike, as it slashed interest rates to 0% from 0.25% for the very first time, in an attempt to counter “ultra-low inflation”.

Despite this, the Swedish economy remains relatively healthy – economic growth in the country is significantly more robust and durable when in close comparison with its close cousins in the Euro-zone, although stubbornly, inflation itself has remained disappointingly low. There is a distinct possibility in the not-too-distant future that the Riksbank will assume a more proactive monetary policy; creating a “currency-floor” similar to the one imposed by the Swiss which will weaken the Krona, meaning it is even cheaper than it is at the current time to send money transfers to Sweden, but it will ultimately boost price growth in the country long-term.

When news of the interest rate cut came about last week, along with the statement that rates would not rise again for another two years, the Krona became even cheaper to buy than it has recently been, hitting a three-year low against the Euro and over a five-year low against the Pound.

(See graphs below for latest inter-bank exchange rates)

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