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- Swiss National Bank will defend the 1.20 francs per euro exchange rate floor
Swiss National Bank will defend the 1.20 francs per euro exchange rate floor
The Swiss National Bank (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.
The SNB reiterated that it will defend the 1.20 francs per euro exchange rate floor. Introducing of negative rates is not excluded, the central bank said. The central bank also said that consumer inflation will decline next year and the risk of deflation has risen.
The SNB President Thomas Jordan said that the exchange rate cap is the key instrument to avoid a tightening of monetary conditions.
Switzerland's central bank expects "that global economic growth will gradually firm over the course of next year", but "the global economic outlook is still dominated by downside risks".
Inflation forecast was revised down to 0.0% in 2014, to -0.1% in 2015 and to 0.3% in 2016.
The SNB increased gross domestic product (GDP) to 1.5%-2.0% in 2014. Swiss GDP is expected to be about 2% next year.
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