Swiss central bank makes a surprise cut to its key interest rate as others hold steady

Swiss National Bank’s Chairman of the Governing Board, Thomas Jordan, gestures during a press briefing at the Swiss National Bank in Zurich, Switzerland, Thursday, March 21, 2024. Swiss National Bank’s Chairman of the Governing Board, Thomas Jordan, speaks during a press briefing at the Swiss National Bank in Zurich, Switzerland, Thursday, March 21, 2024.

“The easing of our monetary policy has been made possible because the fight against inflation over the past two and a half years has been effective,” he told reporters. The move, which Swiss media said caught some by surprise, had an almost immediate effect on the Swiss franc, which dropped in value against the euro. The franc was trading at 1.02 euros Thursday, down from 1.03 euros a day earlier. In January, the Swiss currency was at all-time highs against the European currency — above 1.07 euros.

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Swiss National Bank Cuts Interest Rates Amidst Low InflationThe Swiss National Bank surprises the market by cutting its main policy rate by 0.25 percentage points to 1.5%, becoming the first advanced economy to do so. The bank cites low inflation and predicts it will remain below 2% in the coming years. This decision comes amidst high inflationary pressures and the impact of the Covid-19 pandemic and Russia's war in Ukraine.
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