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Sweden Cuts Deposit Rate to NEGATIVE .25%
Mish’s Global Economic Analysis
Saturday, July 4, 2009
There has been a lot of ludicrous recommendations recently to combat deflation by making deposit rates negative. I did not think any central bank would be dumb enough to try it. I thought wrong.
Today, Riksbank, Sweeden’s central bank cut the deposit rate to -0.25% effectively charging savers interest on deposited money.
DATE 2/07/2009
The weak development of the economy requires a somewhat more expansionary monetary policy. The Executive Board of the Riksbank has therefore decided to cut the repo rate by 0.25 of a percentage point to 0.25 per cent.Deep economic downturn
Economic activity abroad is very weak and this hits Sweden hard. Exports have fallen substantially and the situation on the labour market is continuing to deteriorate rapidly. The information received in recent months points to the economic downturn in 2009 being somewhat deeper than the Riksbank forecast in April.
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15 Responses to “Sweden Cuts Deposit Rate to NEGATIVE .25%”
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July 4th, 2009 at 5:13 am
so pay off the credit, and keep it in a sock under the bed:-)
it won’t be there long, as prices go up anyway.
I may have to save this page as the possibly dumbest thing I have read in ages.
paying the bank, on your deposit…
What a way to drive customers away in droves,
someone shoulda thought of it sooner:-)
I am trying to imagine the AD Campaign for this one…
Blue Pill Society Reply:
July 5th, 2009 at 9:03 am
people have been paying banks to deposit their money for ages, if you look at ATM withdrawal fees and inflation, you pay way more in fees to the bank than you receive in interest on your deposits.
camera guy Reply:
July 6th, 2009 at 4:52 am
The swiss did negative interest rates in the 80’s citing that they “were keeping the money safe” so there’s always a spin on the way banks do things.
July 4th, 2009 at 6:57 am
This will only work if they go to an all-electronic monetary system. Otherwise you’d be crazy to keep your money in the bank.
July 4th, 2009 at 7:30 am
Actually it’s +0.25% but anyway it’s extremely low.
Dan Reply:
July 4th, 2009 at 8:33 am
Magnus, you are looking at the repo rate, which is +0.25%
It’s the deposit rate that has been cut to -0.25%, as correctly stated in the article.
July 4th, 2009 at 8:32 am
Magnus, you are looking at the repo rate, which is +0.25%
It’s the deposit rate that has been cut to -0.25%, as correctly stated in the article.
July 4th, 2009 at 11:02 am
Being punished to save… forced into debt, to wear the shackles like a slave.
Time to grab on to that gold and silver, and stash it somewhere… evidently, the world will be punished if it attempts to save a dime.
July 4th, 2009 at 11:31 am
The article clearly says that the current rate is 0.25%, not minus 0.25%, so the analysis is just incorrect. Please delete this as a waste of time to read.
SF Reply:
July 4th, 2009 at 12:37 pm
Here is the exact quote from the original article in the last paragraph “The decision on the repo rate will apply with effect from Wednesday, 8 July. The deposit rate is at the same time cut to -0.25 per cent and the lending rate to 0.75 per cent.”
July 4th, 2009 at 12:28 pm
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July 5th, 2009 at 7:32 am
The articles headline is wrong. It was 0,50% and then it was lowered by 0,25% to 0,25%, not -0,25%.
dfe Reply:
July 6th, 2009 at 4:10 am
Here is the exact quote from the original article in the last paragraph “The decision on the repo rate will apply with effect from Wednesday, 8 July. The deposit rate is at the same time cut to -0.25 per cent and the lending rate to 0.75 per cent.”
July 5th, 2009 at 8:55 am
WHO CARES ITS ALL AN ILLUSION CLAMSHELLS ARE THE SAME THING.
July 10th, 2009 at 5:08 am
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