SNB abandons negative rates
Jordan says Swiss central bank’s use of negative rates was effective
The Swiss National Bank brought its key rate into positive territory for the first time since 2015 at its policy meeting today (September 22).
The SNB raised the rate by 75 basis points to 0.5%. This is the SNB’s second consecutive rate increase, after it hiked rates by 50bp in June, which was its first policy tightening since 2007.
The central bank stressed that although inflation is not as high as in other economies, it increased year on year by 3.5% in August – considerably over its 0–2%
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