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The Swiss National Bank unexpectedly lowered its key rate

Switzerland became the first advanced economy to cut interest rates.

The Swiss National Bank on Thursday, March 21, unexpectedly lowered its key interest rate by 25 basis points to 1.5%. Bloomberg reported this.

Most economists predicted that the rate would remain unchanged until June.

“Easing our monetary policy has been possible because of the effective fight against inflation over the past 2.5 years,” Central Bank President Thomas Jordan said.

Following the decision, the franc fell 1% against the euro to its weakest level since July 2023. Against the dollar, it fell 1.2% to a new four-month low.

The Swiss National Bank forecasts inflation to average 1.4% this year, 1.2% in 2025 and 1.1% in 2026.

Switzerland became the first advanced economy to cut interest rates after prolonged high inflation pressures exacerbated by the impact of the pandemic on global trade and Russia’s all-out war against Ukraine.

We remind you that on March 14, the National Bank of Ukraine reduced the discount rate by 0.5% – to 14.5% per annum.

The International Monetary Fund raised its forecast for global economic growth in 2024 by 0.2 percentage points. up to 3.1%. In 2025, growth is expected to be 3.2%.

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Source: korrespondent

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