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Swedish interest rate raised


Swedish interest rate raised


Sweden’s central bank raised the cost of borrowing there on Thursday, for the first time since the financial crisis started two years ago.

Saying there is a robust recovery in the Swedish economy it put up the key interest rate by a quarter of a point to 0.5 percent.

But the bank cut its growth forecast for Sweden for 2011 and 2012 because austerity measures by Europe’s indebted governments will hurt the country’s export-dependent economy.

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