Sub-zero interest rates have become the norm in some countries, especially in Europe. Nordic nations such as Sweden and Denmark have been in negative territory for a while and a growing number of banks in the region are now charging depositors for keeping their money. Saving in fiat right now, unlike cryptocurrencies lately, leads to losses, although loans and mortgages aren’t free of charge per se. A leading Swedish bank has imposed a negative interest rate of -0.40% on euro accounts, while the ECB is reportedly preparing for a new rate cut.
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Your Euro Savings Will Cost You Money in Sweden
Sveriges Riksbank, the central bank of Sweden which is the largest economy in Scandinavia, cut its interest rate to 0% in late 2014 and introduced negative rates in early 2015. It has kept them there ever since with the aim of fighting deflationary pressures. The Swedish krona, among other currencies in the periphery of the Eurozone, has been…