Riksbank raises its policy rate to 2% from 1.75%

The Riksbank's Executive Board decided to raise the policy rate by 0.25 percentage points to 2%, the Swedish central bank announced on 4 November 2026. The new rate applies from 11 November 2026 (Riksbank press release, 4 November 2026).

Key points

• Policy rate: 2%, up from 1.75%
• Applies from: 11 November 2026
• Guidance: if the outlook for inflation and economic activity holds, the Riksbank says the rate is likely to be raised further in the coming year, in line with its September forecast

What the Riksbank said

The bank says global inflationary pressures remain elevated because of supply disruptions linked to the war in the Middle East, and that energy prices have risen further. In Sweden, CPIF inflation was 1.5% in September, in line with its forecast. It is still being held down by temporary fiscal policy measures: excluding them, CPIF inflation was 3%. The underlying measure that also excludes energy prices was 1.6%, slightly lower than expected.

Preliminary statistics show GDP increased in the third quarter and employment rose, both in line with the forecast. The Riksbank expects stronger activity, cost increases from supply disruptions and a weaker krona this year to push both CPIF inflation and underlying inflation above 2% next year.

Next dates

The minutes of the monetary policy meeting are published on 10 November 2026. The next meeting is on 15 December, with the decision and a new Monetary Policy Report on 16 December 2026 (Riksbank, monetary policy decision November 2026).

The Riksbank held at 1.75% in September, when Norges Bank raised its rate (September decisions). Norges Bank's November decision is covered in Norges Bank holds its policy rate at 4.5%.