Riksbank Raises Rates

Sweden’s Central Bank raised interest rates Friday by 25 basis points- it’s first increase since May 2002 - saying the country’s economic growth in 2005 was stronger than previously forecast.

The move was widely expected by financial markets and analysts are expecting rates to rise further in the coming year.

Just two days ago, Sweden’s Prime Minister Göran Persson said he saw no reason for higher interest rates.

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