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Swiss National Bank lowers key interest rate to 1.25%

The facade of the Swiss National Bank in Zurich on a grey, cloudy day. The building is approximately four storeys, off-white, with lines of windows from the first floor and lines of archways on the ground floor. ‘Swiss National Bank’ in the country’s official languages can be seen carved along the top of the building.
Back in March, the SNB was one of the first major central banks worldwide to lower its key interest rate, which came as a surprise. Keystone / Michael Buholzer

The Swiss National Bank (SNB) is lowering its key interest rate once again, from 1.5% to 1.25%. 

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Underlying inflationary pressure had fallen again compared to the previous quarter, the SNB said on Thursday. By lowering the key interest rate, it was able to maintain appropriate monetary conditions, it said.

Back in March, the SNB was one of the first major central banks worldwide to lower its key interest rate, which came as a surprise. The SNB had previously raised the key interest rate from -0.75% in June 2022 to 1.75% in just five steps and then left it unchanged twice.  

The SNB would continue to monitor the development of inflation closely, it said on Thursday, and would adjust its monetary policy “if necessary” to ensure price stability in the medium term as well.

The SNB also said it was still prepared to be active on the foreign exchange market if required. 

Adapted from German by DeepL/kp/ts 

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