Swiss franc falls following SNB loosening

- Central Banking staff
- 22 Mar 2001

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The Swiss franc lost further ground on the dollar in late European trade on Thursday March 22 after the Swiss National Bank (SNB) surprised markets with a 25 basis point cut in its LIBOR target rate to 3.25 percent. The SNB said it considered a slight relaxation of monetary policy to be appropriate given the reduced risks to price stability and the increased economic uncertainty.

The move caught markets off guard after SNB Chairman Jean-Pierre Roth told a Swiss Sunday paper recently that the

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