Policy round-up: Switzerland and Czech Republic cut rates

Norges Bank holds rates in face of uncertainty

Swiss National Bank (SNB)
The Swiss National Bank
Jennifer Delaney

Switzerland: The governing board of the Swiss National Bank (SNB) cut its key policy rate, by 25 basis points to 1.5%, it announced on March 21.

This is the first cut since the SNB increased the sight deposit remuneration rate to 1.75% in June 2023. The new rate will take effect from March 22.

The sight deposit remuneration rate prescribes the interest paid on deposits held by commercial banks, but only up to a certain threshold. Above the threshold, the SNB applies a discount rate of 50% and only

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