Reported 2 days ago
The Swiss National Bank (SNB) has reduced its interest rate by 50 basis points, marking the largest cut in nearly a decade, due to lower than expected inflation and global economic uncertainties. The rate is now set at 0.5%, the lowest since November 2022. Economic analysts were anticipating a smaller cut of 25 basis points. The move led to a depreciation of the Swiss franc against the euro and the dollar, while Swiss stocks rallied. SNB's new chairman, Martin Schlegel, emphasized the bank's commitment to monitor inflation and suggested the possibility of future interest rate adjustments.
Source: YAHOO