The central bank has jacked up interest rates from zero in April 2022 in a series of hikes to fight a surge in inflation caused by the pandemic and the war in Ukraine.
The Riksbank said that inflation, which peaked at over 10%, was still too high and there was a risk it could prove stubborn. But it said price pressures were moving in the right direction after eight consecutive hikes.
"The forecast for the policy rate is that it may be raised further at the start of next year and that monetary policy needs to be contractionary for a relatively long period of time," the central bank said in a statement.
The Swedish crown, which has added to the central bank's worries over inflation, weakened sharply after the decision.
Analysts had been split ahead of the decision with 10 of 19 picking a hike and nine expecting no change.
Most believe rates have now peaked and attention will switch to when the central bank will start to ease policy again.
The Riksbank forecast rates would be at the current level -or higher - through next year, but markets are pointing to an about-turn sooner than that as the economic slowdown starts to bite.
The Riksbank publishes its next rate decision on Feb. 1 next year.
(Reporting by Simon Johnson, Johan Ahlander and Anna Ringstrom in Stockholm, Terje Solsvik in Oslo; editing by Niklas Pollard and Bernadette Baum)
