"There is a bigger possibility of a cut than a hike this winter," Wickman-Parak said in a speech at a bank conference.

The Riksbank has cut its key repo rate twice this year, the last time in September, but left it at 1.25 percent in October. It is widely expected to cut again at its next meeting in December due to a slowdown in the economy.

Wickman-Parak also told the bankers she was worried about Swedish household debt levels but it was difficult to say what level was dangerous.