The Swiss National Bank cut interest rates

The Swiss National Bank said in a statement that it reduced interest rates from 1.5 percent to 1.25 percent. After the decision, the Swiss franc fell by 0.5 percent against the dollar.

The Swiss National Bank cut its key interest rate by 25 basis points to 1.25%. In June 2024, after a similar move at the previous meeting. The decision was in line with market expectations.

The average interest rate in Switzerland was 0.62%. From 2000 to 2024, it reached an all-time high of 3.50%. In June 2000, a record low of -0.75%. In January 2015.

Interest rate cut – analysts’ comments

“The Swiss central bank cuts interest rates from 1.5 to 1.25%. The prevailing expectation was that the cycle that began in March would stop at the next opportunity. The franc has recently been the strongest among the major currencies. The euro fell against the Swiss franc to 0.95. The Swiss franc rose against the franc Swiss in a month by 7% and temporarily violated 4.60, Bartosz Sawicki, financial markets analyst at Cinkciarz.pl, reported on the X website.

However, XTB Polska points out this After the Swiss Bank’s decision, the franc fell by 0.5%. against the dollar. “Swiss central bank surprises and cuts interest rates by 25 basis points. Franc weakens 0.5% against dollar after decision. Swiss franc (CHFPLN) tests around 4.5250,” analysts on X reported.

“The SNB is cutting interest rates by 25 basis points. The new inflation forecast is not much different from the March forecast (although it was prepared at a lower rate). As you can see, with this level of inflation there is no need to rely on the ECB.” , according to the X mBank Research website.

Main image source: Stock struggle

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