SNB pushes rates back into positive

Friday, 23 September 2022 06:30

As expected, the Swiss National Bank has raised interest rates back into positive territory for the first time in seven years.

The bank pushed rates up 0.75% - so the headline rate is now 0.5%.

In a statement, the bank says the move is to counter rising inflationary pressures. The rate hit 3.5% last month. The bank expects 2.4% next year.

It says it will steer a path between controlling inflation and the strength of the franc. But it also says it can’t rule out further rises.

The bank also said it would be willing to intervene on the currency markets to keep the level of the franc under control if necessary.

More from Bitesize News

Plan to ease car tax pain

The Geneva Tax Commission has come up with a plan to mitigate the worst effects of the new car tax.
Franc strengthens against euro more

The franc is continuing to strengthen against the euro.
Plenty of jobs - except in Ticino

Job hunters in Switzerland should be able to find employment in the first quarter of next year, unless they’re in Ticino.
ETH Zurich makes drug breakthrough

The Federal Polytechnic, ETH Zurich, says it made a breakthrough on how to direct a drug to the affected part of the body – bypassing areas it’s not needed.
All Geneva traffic lights to be changed

Geneva is embarking on a wholescale renovation of its traffic light system.
Syrian asylum applications suspended

Switzerland is suspending asylum proceedings for Syrian applicants. The same decision has already been made by other countries, such as France and the UK.