Swiss National Bank tightens monetary policy further and raises SNB policy rate to 1.5%
The SNB is tightening its monetary policy further and is raising the SNB policy rate by 0.5 percentage points to 1.5%. In doing so, it is countering the renewed increase in inflationary pressure. It cannot be ruled out that additional rises in the SNB policy rate will be necessary to ensure price stability over the medium term. To provide appropriate monetary conditions, the SNB also remains willing to be active in the foreign exchange market as necessary. For some quarters now, the focus has been on selling foreign currency.
The SNB policy rate change applies from tomorrow, 24 March 2023. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate of 1.5%
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December 23, 2022Overview
In the third quarter of 2022, the current account surplus amounted to CHF 24 billion – a very high figure from a long-term perspective. This was attributable to the high surplus in goods trade and the relatively low deficits in services trade and in primary income. Compared to the same quarter of 2021, however, the increase in the current account balance (CHF 2 billion) was moderate because the basis for comparison was also high.
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