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Swiss Central Bank reduces policy rate to 1 percent for 3rd time straight
(MENAFN) The Swiss Central bank reduced its policy rate to 1 percent by 25 basis points, for the third time straight this year.
The bank pointed out that the inflationary burden in the nation dropped in a notable way in the third quarter (July, August, September) in comparison the earlier quarter (April, May, June).
The Central Bank also noted that since the previous monetary policy assessment, the inflation was less than estimated, amounting to 1.1 percent in August in comparison to 1.4 percent in May.
In addition, the bank expected that the average yearly inflation was recorded at 1.2 percent for 2024, 0.6 percent for 2025 and 0.7 percent for 2026.
"Further cuts in the SNB policy rate may become necessary in the coming quarters to ensure price stability over the medium term," the bank noted.
From June 2022 to June 2023, the bank had been raising the rate from minus 0.75 percent to 1.75 percent progressively and maintained the rate up to the conclusion of 2023.
The bank pointed out that the inflationary burden in the nation dropped in a notable way in the third quarter (July, August, September) in comparison the earlier quarter (April, May, June).
The Central Bank also noted that since the previous monetary policy assessment, the inflation was less than estimated, amounting to 1.1 percent in August in comparison to 1.4 percent in May.
In addition, the bank expected that the average yearly inflation was recorded at 1.2 percent for 2024, 0.6 percent for 2025 and 0.7 percent for 2026.
"Further cuts in the SNB policy rate may become necessary in the coming quarters to ensure price stability over the medium term," the bank noted.
From June 2022 to June 2023, the bank had been raising the rate from minus 0.75 percent to 1.75 percent progressively and maintained the rate up to the conclusion of 2023.
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