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The Swiss Central Bank holds negative interest rates

2018-06-21 08:15 am | Resource: NEWS | No Views : 273

The Swiss National Bank (SNB) maintained its expansionary monetary policy, as widely expected, on Thursday.

The SNB interest rate was kept at -0.75 percent and the target range for Ibor was maintained for three months unchanged from 1.25 percent to 0.25 percent.

The Bank said it would remain active in the foreign exchange market when necessary, taking into account the general currency.

The Swiss central bank reiterated that the currency was still "of high value". The Bank considered that the situation in the foreign exchange market remained fragile, and therefore the negative interest rate and willingness to intervene in the foreign exchange market when necessary remained necessary.

The bank raised its inflation forecast this year to 0.9 percent from 0.6 percent, pointing to a significant rise in oil prices. For the year 2019, the bank maintained its forecast at 0.9 percent.

Inflation is seen at 1.6 percent in 2020 from 1.9 percent in March, and the economy was expected to grow by about 2 percent this year and unemployment is expected to fall further.

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