Sweden's Riksbank held its policy rate at 1.75% at its November 2025 monetary policy meeting, in line with the plan it communicated after its September cut. The decision, announced on 5 November 2025, was accompanied by explicit forward guidance indicating that the rate would remain at its current level for some time to come.
The 1.75% rate reflects cuts the Riksbank made in January, June and September 2025 to support a weak economy, even as inflation rose temporarily above the bank's 2% target.
FORWARD GUIDANCE
The Riksbank noted that risks in Sweden and abroad could affect the policy rate going forward.
INFLATION ASSESSMENT
The November hold reflects the Riksbank's assessment that inflation, although still above target, had fallen in line with its September forecast, reinforcing the view that the elevated inflation is transitory, while economic activity is on its way to recovery.
The Riksbank said the overall risk picture had not shifted significantly since September but that it remained vigilant regarding developments.