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- The Swiss National Bank is again tightening interest rates.
- It increases the key interest rate by 0.25 percentage points to 1.75 percent.
By raising the key interest rate, the SNB is counteracting the medium-term increase in inflationary pressure, the SNB explains. In addition, it cannot be ruled out that additional interest rate hikes will be necessary to ensure price stability in the medium term. In order to ensure appropriate monetary conditions, the National Bank is also still prepared to become active in the foreign exchange market if necessary. In the current environment, foreign exchange sales are in the foreground, according to earlier statements.
Rate hike expected
Today’s rate hike is the fifth rate hike in a row. Exactly one year ago, the SNB tightened the interest rate screw by half a percentage point for the first time in 15 years, followed by three further rate hikes up to last March. Even if inflation has fallen significantly since February to 2.2 percent in May, it is still above the range of 0 to 2 percent targeted by the SNB.
Legend:
The current interest rate step is only half as large as in March, when the key interest rate was increased by 0.5 percentage points.
KEYSTONE/Peter Schneider
A further interest rate hike was expected almost unanimously among professional observers. Abroad, the most important central banks have recently made different decisions. While the US Federal Reserve decided not to raise interest rates, at least temporarily, the European Central Bank increased its key interest rates by a further 25 basis points.
SRF 4 News, June 22, 2023, 10:00 a.m.; srf/baus;schp
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