SNB surprises markets by holding rates at 1.75%

Swiss central bank to allow all banks to use mortgages as collateral to access liquidity

Swiss National Bank (SNB)
Swiss National Bank
Jennifer Delaney

The Swiss National Bank (SNB) surprised markets by keeping rates unchanged after its monetary policy meeting today (September 21).

As a result, the policy rate remains at 1.75%. This puts an end to a series of five consecutive rate increases the SNB started in June 2022, when the policy rate stood at -0.75%.

“The significant tightening of monetary policy over recent quarters is countering remaining inflationary pressure,” said the policy statement. Nonetheless, the central bank added: “From

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