Switzerland cuts rates by 50bp
SNB changes conditional inflation forecast, expects lower inflation compared with September
Switzerland’s central bank said today (December 12) that it would cut its policy rate by 50 basis points.
The new policy rate, at which the Swiss National Bank (SNB) remunerates lenders’ sight deposits, will be 0.5%. It will take effect from December 13.
The bank’s governor Martin Schlegel said annual inflation in August and November had been “lower than expected”, especially for oil products and food, and that this had prompted the SNB to revise its conditional inflation forecast. It recorded
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