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Sweden slashes interest again

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Sweden slashes interest again

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Sweden’s central bank has cut its key interest rate by half a percent, more than economists were expecting. It was the second reduction in the cost of borrowing there this month as the Swedes had joined the US Federal Reserve and other central banks in a coordinated round of monetary policy easing on the eight of October. The Swedish central bank also said that it will need to cut rates again by a further half a per cent in the next six month to battle the financial crisis.