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- Swiss National Bank kept its interest rate unchanged
Swiss National Bank kept its interest rate unchanged
The Swiss National Bank's (SNB) released its interest rate decision today. The SNB kept its interest rate unchanged at 0.00 - 0.25% and also kept the exchange rate floor unchanged at 1.20 francs per euro.
Switzerland's central bank said "will continue to enforce the minimum exchange rate with the utmost determination".
"It is prepared to purchase foreign currency in unlimited quantities, and if necessary, it will take further measures immediately", the SNB.
The central bank kept its 2014 outlook for inflation unchanged at 0.1%. The projection for 2015 inflation was cut to 0.2% from 0.3%. Inflation in 2016 is expected to be 0.5%.
"The risk of deflation has increased again," the central bank said.
The SNB lowered its GDP forecast for 2014 to 1.5% from 2% in June.
The Swiss National Bank Chairman Thomas Jordan said that the central bank has not ruled out the introduction of negative interest rates.
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