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19.03.2015 09:15

SNB keeps rates steady at -0.75% and lowers growth and inflation outlook

Today the Swiss National 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 sees inflation at -0.5% in 2016 and growth under 1% - almost half the pace predicted 3 months agp.

On January 15th the SNB abandoned its ceiling on the franc versus the euro in a surprise move. The Swiss export-oriented economy was hit hard by the stronger Swiss franc.

Switzerland's trade balance fell more-than-expected last month to a seasonally adjusted 2.47 billion in February from 3.43 billion in the previous month. Economists expected a decline to 2.87 billion.

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