The Swiss National Bank said Thursday that it is trimming its key interest rate, a surprise move that makes Switzerland the first major financial center to announce a cut in recent months.
Swiss National Bank’s Chairman of the Governing Board, Thomas Jordan, gestures during a press briefing at the Swiss National Bank in Zurich, Switzerland, Thursday, March 21, 2024. GENEVA —
“The easing of our monetary policy has been made possible because the fight against inflation over the past two and a half years has been effective,” he told reporters. The move, which Swiss media said caught some by surprise, had an almost immediate effect on the Swiss franc, which dropped in value against the euro. TheThursday, down from 1.03 euros a day earlier. In January, the Swiss currency was at all-time highs against the European currency - above 1.07 euros.
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