Economic Buzz: Swiss Central Bank Raises Policy Rate To 0.5%

22 Sep 2022 , 02:38 PM

The Swiss National Bank raised its key interest rate to positive territory on Thursday to counter the renewed rise in inflationary pressure. The central bank hiked the SNB policy rate by 0.75 percentage points to 0.5 percent, as expected. This was the second consecutive rate hike. The interest rate turned positive for the first time since early 2015. The inflation projection for this year was raised to 3.0 percent from 2.8 percent. The outlook for 2023 was lifted to 2.4 percent from 1.9 percent and that for 2024 to 1.7 percent from 1.6 percent. Powered by Commodity Insights