Swiss National Bank raises interest rates

The Swiss National Bank on Thursday announced it was raising its key interest rate by a quarter percentage point after holding near zero for more than a year.

"The time has come for a slight tightening of monetary policy," said Swiss National Bank President Jean-Pierre Roth. "The economic recovery has increasingly gained hold in Switzerland and abroad and has become broader-based."

The bank said the new target will be 0.5 percent, up from the 0.25 percent target that has held since early March