Swiss National Bank holds rates as expected, despite rising inflation
The central bank resisted pressure to counter rising inflation caused by the war in the Middle East, which has prompted other central banks to hike borrowing costs.
The Swiss National Bank (SNB) decided to maintain its benchmark interest rate at 0% on Thursday, following the consensus of economists and market expectations. Despite rising inflation caused by the war in the Middle East, the SNB maintained its stance, as did other major central banks that have increased their borrowing costs. The SNB stated that medium-term inflationary pressure has increased slightly, and its monetary policy is sufficient to keep inflation within the range necessary for price stability and support economic growth.
The central bank also indicated its willingness to intervene in foreign exchange markets if needed to maintain appropriate monetary conditions. Following the decision, the Swiss franc weakened slightly against the euro and US dollar, but remained within the central bank's target range of 0%-2% for inflation.
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