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Financial News: SNB Keeps Monetary Policy Unchanged

SNB Keeps Monetary Policy Unchanged

06/15/2017 - 03:50:00 (RTTNews)

(RTTNews) - The Swiss National Bank maintained its expansionary monetary policy on Thursday, and reaffirmed its stance to remain active in the foreign exchange market to prevent the franc from appreciating.

The interest rate on sight deposits at the central bank was kept unchanged at -0.75 percent and the target range for the three-month Libor was retained between -1.25 percent and -0.25 percent.

The SNB reiterated that the Swiss franc is 'still significantly overvalued'.

The central bank said the negative interest rate and the its willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive.

The SNB forecast 0.3 percent inflation for 2017, the same as estimated in March. For 2018, the bank lowered its outlook to 0.3 percent from 0.4 percent.

For 2019, the bank projected 1 percent inflation instead of 1.1 percent estimated in March.

The central bank continues to expect the economy to grow roughly 1.5 percent in 2017.

The SNB observed that growth in mortgage lending remained constant at a relatively low level. Owing to developments in fundamentals and the generally subdued activity on the mortgage and residential real estate markets, imbalances have fallen slightly in recent quarters, SNB said.

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