Swiss National Bank Holds Interest Rate at Zero

[Financial News] The Swiss National Bank (SNB) said on the 24th (local time) that it had held its policy rate at 0% following a monetary policy meeting.
The SNB said inflation had risen further since June, mainly because of oil prices, but added that current interest rates are "appropriate for keeping inflation within a range consistent with price stability and supporting economic growth."
Switzerland cut its policy rate to 0% in June last year in response to low inflation resulting from falling energy prices and a stronger Swiss franc. It has maintained zero interest rates for one year and three months.
The Swiss franc weakened after authorities repeatedly expressed their willingness to intervene in the foreign exchange market, while the European Central Bank (ECB) and other central banks recently raised their policy rates in succession.
European countries that use their own currencies, excluding Switzerland, have already begun tightening or signaled plans to raise interest rates. Norges Bank raised its policy rate by 0.25 percentage points to 4.50% annually on the same day. This was Norway's second policy rate hike of the year, following an increase in May.

[email protected] Kang Gwi-gwi Reporter