The Swiss National Bank says it's trimming its key interest rate, a surprise move that makes Switzerland the first major financial center to announce a cut in recent months. Outgoing SNB chairman Thomas Jordan on Thursday credited the central bank’s push to rein in inflation in the wealthy Alpine country.
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. Swiss National Bank’s Chairman of the Governing Board, Thomas Jordan, speaks during a press briefing at the Swiss National Bank in Zurich, Switzerland, Thursday, March 21, 2024.
“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. The franc was trading at 1.02 euros Thursday, 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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