Swiss central bank hikes interest rate by 0.5 percentage points

Canada Global (Web News) Despite turmoil in the banking sector as it battles inflation, the Swiss central bank raised interest rates by 0.5 percentage point on Thursday and warned that further increases were possible.

“The Swiss National Bank continues to tighten monetary policy, raising the SNB policy rate by 0.5 percentage point to 1.5 percent.” It is thus counteracting the renewed rise in inflationary pressures.

“It cannot be ruled out that further increases in the SNB policy rate will be required to ensure medium-term price stability,” the central bank said in a statement.

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