STOCKHOLM, April 28 (Xinhua) -- The Riksbank, Sweden's central bank, on Thursday raised its key interest rate from zero to 0.25 percent effective May 4 to counter soaring inflation.

       The bank's Executive Board aims to gradually raise the rate to "somewhat below 2 percent" two or three more times this year, according to a press release.

       The Riksbank justified the move by recalling that inflation has surged to its highest level since the 1990s and that it is expected to remain high "for some time."

       According to the Riksbank's projections, Sweden's gross domestic product (GDP) will expand 2.8 percent in 2023 and 1.4 percent in 2023 and 2024.

       Sweden's 12-month inflation rate was 6.1 percent in March, Statistics Sweden has said.