01
1994–2014
Repo-rate inflation targeting
The repo rate became the main operating signal within Sweden’s modern inflation-targeting framework.
SE
BONDSTATS / RIKSBANK
OFFICIAL-SOURCE ARCHIVE
Sweden · SEK · MONETARY POLICY
Sveriges Riksbank
Interest Rate History
The repo rate served as the Riksbank’s policy rate from 1994 and was renamed the policy rate in June 2022. Earlier history used different operating rates, so cross-era comparisons require framework context.
CURRENT PHASEEasing-cycle hold
LATEST RATE MOVE−25 bp · effective Oct 1, 2025
HISTORY LOW*-0.50%
HISTORY HIGH*4.00%
LARGEST MOVE*+100 bp
01
Policy-rate path
*Statistics refer to the selected points displayed in this BondStats archive, not necessarily the bank’s all-time extremes.
Recent policy-rate changes plus regime context. The official Riksbank database provides a longer series from 1994.17 displayed rate changes
02
Policy regime timeline
02
2015–2019
Negative-rate era
The repo rate moved below zero as the Riksbank fought weak inflation and krona appreciation.
03
2020–2021
Zero rate and pandemic balance-sheet support
The policy rate remained at zero while asset purchases and liquidity measures carried additional support.
04
2022–2023
Rapid tightening
The policy rate rose from zero to 4.00%.
05
2024–2026
Easing to 1.75%
A sustained cutting cycle reduced the rate to 1.75%, followed by an extended hold.
04
Rate-change archive
Latest first · selected official changes and major transition points
| Date | Policy rate / target | Move | Context |
|---|---|---|---|
| 2026-08-26 | 1.75% | Hold | Latest verified hold |
| 2025-10-01 | 1.75% | -25 bp | Official rate change |
| 2025-06-25 | 2.00% | -25 bp | Official rate change |
| 2025-02-05 | 2.25% | -25 bp | Official rate change |
| 2025-01-08 | 2.50% | -25 bp | Decision announced in December 2024; effective January 8 |
| 2024-11-13 | 2.75% | -50 bp | Official rate change |
| 2024-10-02 | 3.25% | -25 bp | Official rate change |
| 2024-08-21 | 3.50% | -25 bp | Official rate change |
| 2024-05-15 | 3.75% | -25 bp | Official rate change |
| 2023-09-27 | 4.00% | +25 bp | Official rate change |
| 2023-07-05 | 3.75% | +25 bp | Official rate change |
| 2023-05-03 | 3.50% | +50 bp | Official rate change |
| 2023-02-15 | 3.00% | +50 bp | Official rate change |
| 2022-11-30 | 2.50% | +75 bp | Official rate change |
| 2022-09-21 | 1.75% | +100 bp | Official rate change |
| 2022-07-06 | 0.75% | +50 bp | Official rate change |
| 2022-05-04 | 0.25% | +25 bp | Official rate change |
| 2020-01-08 | 0.00% | +25 bp | Exit from negative repo rate; decision announced Dec 2019 |
| 2016-02-17 | −0.50% | — | Cycle low |
| 2015-02-18 | −0.10% | — | Negative-rate era begins |
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