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17.09.2015 09:11

Swiss National Bank keeps its rates steady at -0.75%, but it downgrades 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.

Inflation was downgraded to -1.2% in 2015 from the previous forecast of -1.0% and to be -0.5% in 2016, down from the previous forecast -0.4%. The SNB upgraded to 0.4% in 2017, up from the previous forecast of 0.3%.

The central bank noted that the Swiss economy rose slightly in the second quarter, while employment declined further.

The SNB expects the Swiss economy to return to positive growth in the second half of 2015. Real GDP for 2015 is expected to be about 1%.

Domestic demand should provide further support to the economy, according to the SNB.

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