top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

28 Apr 2022

Swedish Central Bank Announces Key Interest Rate Hike, More to Come in 2022

The Index Today

The Swedish central bank increased its key interest rate by 25 basis points to 0.25% on Thursday, and announced that more interest rate hikes will be implemented later this year.

As per Reuters, the Riksbank has opted to institute sweeping changes, namely an aggressive monetary policy outlook, as the price surge continues to climb stemming from soaring inflation. This comes after the central bank, in February, expected the price increase to be temporary with the need to institute potential interest rate hikes not arising until 2024. However, Russia’s invasion of Ukraine in late February sparked a surge in commodity costs, adding to the already dire situation posed by soaring pandemic-induced inflation.

In a statement, the Riksbank said, "The Board's forecast is that the repo rate will be raised gradually going forward and that it will be somewhat below 2 per cent in three years' time." This comes after inflation rose to 6.1% in March, far exceeding the central bank’s target of 2%, reported Reuters.

©Photo: Rikimedia

Clay pottery with table linens
bottom of page