SNB lowers key interest rate to 1.00 percent
Published: Thursday, Sep 26th 2024, 09:50
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The Swiss National Bank (SNB) has lowered its key interest rate once again. It now stands at 1.00 percent after previously 1.25 percent.
Inflationary pressure in Switzerland has once again fallen significantly compared to the previous quarter, the SNB explained in a press release on Thursday. By lowering the SNB key interest rate, it is taking account of the lower inflationary pressure.
And the SNB is already getting ahead of itself: Further interest rate cuts may be necessary in the coming quarters in order to ensure price stability in the medium term. At the same time, the SNB is still prepared to be active on the foreign exchange market if necessary.
The SNB had already lowered the key interest rate by 0.25 percentage points in March and June. Previously, the central bank had raised the key interest rate from -0.75% to 1.75% in just five steps from June 2022 and then left it unchanged twice.
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