SNB hikes key deposit rate by 50 bps to 1.50%, as widely expected
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In its quarterly monetary policy assessment, the Swiss National Bank (SNB) raised its benchmark sight deposit interest rate by 50 basis points (bps) from 1.0% to 1.50% in March, as widely expected.
The SNB raises rates for the fourth straight meeting, with markets now expecting the final hike to come in June.
In a knee-jerk reaction to the SNB rate hike decision, the USD/CHF pair dropped nearly 40 pips to test 0.9120, down 0.52% on the day.
The Swiss National Bank conducts the country’s monetary policy as an independent central bank. It is obliged by the Constitution and by statute to act in accordance with the interests of the country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments. In so doing, it creates an appropriate environment for economic growth.
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