16 June 2022

Swiss Central Bank Raises Interest Rates for First Time in 15 Years

International and Arabic
  • qna_Swiss-central-bank-raises_16062022

Bern, June 16 (QNA) - The Swiss National Bank (SNB) unexpectedly raised interest rates for the first time in 15 years, joining other central banks in tightening monetary policy to fight rising inflation.
The SNB raised its benchmark rate by 50 basis points from -0.75 percent to -0.25 percent, which it has maintained since 2015. The hike was the first increase by the SNB since September 2007.
The move followed a 0.75% rate hike by the US Federal Reserve on Wednesday.
The European Central Bank indicated last week that it would hike interest rates in July to curb the rise in inflation in the euro area, which reached 8.1 percent last month. (QNA)

Keywords

Economy, International
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