The Swiss National Bank kept interest rates unchanged at its quarterly monetary policy meeting on Thursday.
The pause ended the SNB's run of five consecutive increases since it began lifting rates out of negative territory in June 2022, and keeps its main policy rate to 1.75%.
"The significant tightening of monetary policy over recent quarters is countering remaining inflationary pressure," the SNB said in a statement.ended its streak of five consecutive increases, keeping interest rates unchanged at its quarterly monetary policy meeting on Thursday., held its main policy rate steady at 1.75%.
"The significant tightening of monetary policy over recent quarters is countering remaining inflationary pressure," the SNB said in a statement.Sign up for NBC San Diego newsletters. "From today's perspective, it cannot be ruled out that a further tightening of monetary policy may become necessary to ensure price stability over the medium term."
Inflation in Switzerland came in at an annual 1.6% in August, comfortably below the central bank's 2% target, and sits significantly lower than that of the country's peers — headline inflation across the euro zone ran at 5.3% last month.has also been the best performing G10 currency this year, while the Swiss economy stagnated in the second quarter, signaling that this could be the last hike from the SNB this cycle.
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