Slide 11: Interest-rate spread to the ECB became negative In addition, we sharply reduced monetary-policy rates. With effect from 6 February 2015 our key monetary-policy rate was reduced to a historic low of -0.75 per cent. This put it 55 basis points below the ECB's deposit rate.
The sequence – interventions in the FX market followed by changes in monetary-policy rates – is independent of whether the pressure on the krone is to appreciate or depreciate. But there is an asymmetry in the relative importance of FX interventions versus interest-rate changes depending on the direction of the pressure.