Swiss franc declines as SNB eases policy rate

swiss-national-bank-zurich

The Swiss National Bank (SNB) on Thursday eased interest rates and increased the supply of francs to money markets in a bid to stem the appreciation of the Swiss franc.

In response to the soaring value of the Swiss franc, the SNB narrowed the target range for the three-month Libor, its operational target, from 0–0.75% to 0–0.25%. It also expanded banks' deposits at the central bank from around Swf30 billion ($39.13 billion) to Swf80 billion, which is intended to increase the supply of liquidity

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