SNB lowers inflation expectations as it keeps rates at 1.75%

Swiss central bank adopts a more dovish communication, analysts expect rate cuts early in 2024

Swiss National Bank

The Swiss National Bank (SNB) maintained interest rates unchanged after its monetary policy meeting today (December 14).

However, it lowered inflation expectations and toned down the need to carry out FX interventions to support the franc’s exchange rate. Most analysts read the policy statement as a dovish turn that opens the door to a rate cut in the first half of 2024.

After today’s decision the key policy rate remains at 1.75%. The SNB also maintained that it will remunerate banks’ deposits at

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