Swiss central bank hikes interest rates by 50 basis points despite Credit Suisse turmoil
Publishing timestamp: 2023-03-23 08:16:31
Summary
The Swiss National Bank has raised its benchmark interest rate by 50 basis points to 1.5%, marking the fourth consecutive hike and in line with analyst expectations. The move comes as domestic inflation remains well above the bank's target of between 0% and 2%. The bank has also hinted that further rate hikes may be necessary to ensure price stability over the medium term. The Swiss National Bank has been in the global spotlight recently after agreeing to lend Credit Suisse up to CHF 50 billion ($53.68 billion) following a series of scandals and losses for the bank.
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Keywords: business news, credit suisse group ag, breaking news: europe, central banking,