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SNB tightens monetary policy and raises policy rate to −0.25%
The SNB is tightening its monetary policy and is raising the SNB policy rate and the interest rate on sight deposits at the SNB by half a percentage point to −0.25% to counter increased inflationary pressure. The tighter monetary policy is aimed at preventing inflation from spreading more broadly to goods and services in Switzerland. It cannot be ruled out that further increases in the SNB policy rate will be necessary in the foreseeable future to stabilise inflation in the range consistent with price stability over the medium term. To ensure appropriate monetary conditions, the SNB is also willing to be active in the ... (full story)
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Swiss National Bank unexpectedly hikes rates by half a point
The Swiss National Bank raised its policy interest rate for the first time in 15 years on Thursday, joining other central banks in tightening monetary policy to fight resurgent inflation and sending the safe-haven franc sharply higher. The central bank increased its policy rate to -0.25% from the -0.75% level it has deployed since 2015. The hike was the first increase by the SNB since September 2007. “We see at the moment that inflation has increased in Switzerland — we have close to 3% — and we also observed that we have a certain risk of second-round effects,” SNB Chairman Thomas Jordan told CNBC’s ... (full story)
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