9/21/2023, 9:30 AM (Source: TeleTrader)
more TeleTrader news

SNB leaves interest rate unchanged at 1.75%

The Swiss National Bank (SNB) announced on Thursday its decision to leave its policy rate unchanged at 1.75%.

Still, despite the move, the bank stressed that additional hikes in interest rates are still possible if it becomes clear they are necessary to maintain the medium-turn stability in prices. The SNB kept its prediction for Switzerland's annual inflation rate at 2.2% for 2023 and 2024 but revised the one for 2025 down to 1.9%.

Commenting on the upcoming short-term period, the SNB projected that global economic growth will stay "subdued" and inflation "likely elevated ... for the time being." It also forecast Switzerland's gross domestic product (GDP) will increase by 1% in 2023. "In this environment, unemployment will probably continue to rise slightly," it concluded.

Baha Breaking News (BBN) / JR