SNB raises interest rate by 25bps

MG News | June 22, 2023 at 05:48 PM GMT+05:00

0:00

June 22, 2023 (MLN): The Swiss National Bank raised its policy interest rate by 25 basis points on Thursday as the central bank pressed ahead with its campaign to dampen stubborn inflation.

The SNB increased its policy rate and the rate it charges on sight deposits to 1.75% from the 1.5% level set in March, its fifth increase in a row since the bank started its hiking cycle last year.

This surge is less than compared with the previous increment of 50 to 75bps increase.

Before today's jump, the rate was in negative territory.

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