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the swiss times

SNB Lowers Key Interest Rate to 1.25%

SNB Lowers Key Interest Rate to 1.25%

Do, Jun 20th 2024

The SNB has lowered its key interest rate to 1.25%, responding to decreased inflationary pressure. This move aims to maintain appropriate monetary conditions in Switzerland.

KEYSTONE/Michael Buholzer

The Swiss National Bank (SNB) has reduced its key interest rate to 1.25%, down from the previous 1.50%. The SNB explained in a press release on Thursday that underlying inflationary pressure has decreased again compared to the previous quarter. This rate cut aims to maintain appropriate monetary conditions.

In March, the SNB was among the first major central banks to cut its key interest rate, surprising many. Prior to this, the SNB had raised the key interest rate from -0.75% in June 2022 to 1.75% over five steps, then left it unchanged twice.

The SNB will continue to closely monitor inflation developments and adjust its monetary policy if necessary to ensure medium-term price stability. Additionally, the SNB remains ready to intervene in the foreign exchange market if needed.

©Keystone/SDA

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