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Swedes peel another half point off interest

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Swedes peel another half point off interest

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The world’s oldest central bank, Sweden’s Riksbank, has cut a key interest rate to a record low of just 0.5 per cent.

It is the fifteenth major bank to cut rates this month, clipping the seven day repo rate by 500 basis points. Officials said they are prepared to go even further, after Scandinavia’s largest economy sank into a deep recession last year for the first time since 1992.