Reported 8 months ago
The Swiss National Bank announced its second rate cut of the year on June 20, in an effort to boost economic growth and curb the appreciation of the Swiss franc. This move contrasts with major central banks worldwide that are still hesitant to loosen monetary policies. Following the rate decision, the Swiss franc weakened by about 0.3% against the euro to 1 euro to 0.9544 Swiss francs and by 0.6% against the US dollar to 1 US dollar to 0.8904 Swiss francs. The Swiss National Bank reduced its policy rate to 1.25% after a similar cut in March, becoming the first developed wealthy country to adopt accommodative policies since the global inflation surge in 2021.
Source: YAHOO