SNB raises rates for first time since 2007
Jordan says Swiss central bank ready to prevent “second-round effects” becoming entrenched
The Swiss National Bank raised its policy rate for the first time in 15 years at its meeting on June 16.
The SNB’s three-member council voted to raise its interest rate from -0.75% to -0.25%, its first hike since 2007. SNB chairman Thomas Jordan said the hike was “aimed at preventing inflation from spreading more broadly to goods and services in Switzerland”.
The country’s year-on-year inflation reached 2.9% in May. Jordan said much of the increase was due to global supply bottlenecks and food
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