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Financial News: Swiss Central Bank Maintains Negative Rates

Swiss Central Bank Maintains Negative Rates

06/21/2018 - 03:45:00 (RTTNews)

(RTTNews) - The Swiss National Bank maintained its expansionary monetary policy, as widely expected, on Thursday.

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

The bank said it will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.

The SNB reiterated that the currency remains "highly valued". The bank viewed that the situation on the foreign exchange market remains fragile, and the negative interest rate and willingness to intervene in the foreign exchange market as necessary therefore remain essential.

The bank lifted its inflation forecast for this year to 0.9 percent from 0.6 percent citing a marked rise in oil prices. For 2019, the bank maintained its outlook of 0.9 percent.

Inflation is seen at 1.6 percent in 2020 compared with 1.9 percent estimated in March.

The economy is forecast to grow around 2 percent for the current year and expects to see unemployment falling further.

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