Swiss National Bank keeps its rates steady at -0.75%, but it changes its inflation forecasts

Market news

18 June 2015

Swiss National Bank keeps its rates steady at -0.75%, but it changes its inflation forecasts

The Swiss National Bank (SNB) released its interest rate decision on Thursday. The central bank kept the rates on sight deposits at minus 0.75% and said that the bank will remain active in the forex market as the Swiss franc is significantly overvalued and effects inflation and economic growth.

The SNB forecasts inflation to be -1.2% in the third quarter of 2015.

Inflation for 2015 was upgraded to -1.0% from the previous forecast of -1.1%. The SNB expects inflation to be -0.4% in 2016, up from the previous forecast -0.5%, and 0.3% in 2017, down from the previous forecast of 0.4%.

The central bank expects the Swiss economy to return to positive growth in the second half of 2015.

Swiss National Bank Chairman Thomas Jordan: negative interest rates in Switzerland will help to lower the value of the Swiss franc

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