Central bank leaves interest rates unchanged

Switzerland's central bank has decided to leave interest rates unchanged at 0.25 per cent.

This content was published on June 18, 2009 - 10:41

The Swiss National Bank (SNB) said the risk of deflation was weak, with forecasts for 2009 hovering at -0.5 per cent. The bank expects inflation rates to turn positive in 2010 at 0.5 per cent and at 0.3 per cent in 2011.

The target range for the three-month Libor rate – the interest one bank charges another for lending money – would remain at zero to 0.75 per cent, a low level established in March.

The SNB also said it would continue to acquire Swiss franc bonds and oppose a rise in the franc against the euro.

The Swiss stock exchange opened stable on Thursday morning and remained largely unchanged at 5,302 points as the announcement was made. and agencies

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