The SNB made its latest monetary policy decision on Thursday. The central bank had previously increased its key interest rate in five successive steps.
Inflationary pressure has decreased slightly over the last quarter, the SNB said in a communiqué on Thursday. However, uncertainty remains high. It will monitor developments closely and adjust monetary policy “if necessary” to ensure price stability in the medium term.
The possibility of further monetary policy tightening is no longer explicitly mentioned in the communiqué on Thursday. However, the central bank is still prepared to be active in the foreign exchange market if necessary.
In June 2022, the SNB tightened the interest rate screw slightly for the first time in 15 years with a step of half a percentage point, followed by four further interest rate increases until last June.
Since the SNB’s last monetary policy assessment in September, inflation in Switzerland has fallen slightly again. Most recently, at 1.4%, it was back within the SNB target range of 0 to 2%.
The US Federal Reserve also extended its interest rate pause the evening before. The same is expected from the European Central Bank, which will announce its interest rate decision in the afternoon.
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Why is the Swiss franc appreciating so much?
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The Swiss franc is stronger against the euro than ever before. What does this mean for the export industry and for inflation?
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