Switzerland's central bank, SNB, cuts interest rates by 0.25% to 1.5%, the first developed economy to do so.
Switzerland's central bank, the Swiss National Bank (SNB), has become the first developed economy to cut interest rates, lowering its rate by 0.25 percentage points to 1.5 percent. This marks the first interest rate cut since the bank began increasing them in June 2022. The SNB attributes the easing of monetary policy to the effective battle against inflation over the past two and a half years and the reduced inflationary pressure in recent months. The Swiss franc has remained at a high level compared to the euro and the US dollar, which could benefit the struggling Swiss industry.
March 21, 2024
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