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When it’s come to currency depreciation, both negative interest rates and quantitative easing seems to have its limit and Risk bank learned the truth hard way today, after it chose to boost its asset purchase program. Program at one hand was intended to induce inflation and weaken Krona in the other. So far, both have eluded the central bank.
Repo rate was left on hold at -0.5%, while the bank decided to buy another round of bonds worth SEK 45 billion in second half of the year. In addition to that it said, the bank is prepared to take monetary policy to make even more expansionary.
In the statement it said that current action will reduce the risk of faster appreciation of Krona, risking upturn in inflation. Well ironically Krona appreciated against Dollar and Euro, killing any such hopes.
In addition to that the central bank hinted that there could be changes in its mandate – “We find ourselves in a situation where the strategies and regulatory frameworks followed by central banks in the past decades must be reassessed.”
This is the third major victim that has fallen to their respective currency appreciation, despite easing. Other two being ECB and BOJ.
Krona is up 0.3% against Euro, trading at 9.15 per Euro.
