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Swiss National Bank Maintains Interest Rates At -0.75%, Franc Concerns Ease Slightly

14 Septembre 2017

The Swiss National Bank maintained its expansionary monetary policy and upgraded its inflation projections.

In a policy statement accompanying its decision to keep its key deposit rate at -0.75%, the SNB said the franc has weakened against the euro and strengthened against the US dollar since its last meeting three months ago.

The franc remained overvalued, Jordan said. "We must wait and see how sustainable this development that we have seen is", said Jordan, who said decisions by the European Central Bank and the U.S. Federal Reserve were very important to the SNB's future deliberations.

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According to the bank, the Swiss franc has weakened against the Euro and strengthened against the dollar which has, to some extent, reduced the significant over-valuation of the currency. The negative interest rate and the SNB's willingness to intervene in the foreign exchange market as necessary therefore remain essential in order to reduce the attractiveness of Swiss franc investments and thus ease pressure on the currency. For 2019, it now expects inflation of 1.1%, compared to 1.0% last quarter.

Owing to weak GDP momentum in late 2016/early 2017, the current year is likely to see growth of just under 1.0 percent, SNB said.

Swiss National Bank Maintains Interest Rates At -0.75%, Franc Concerns Ease Slightly