Swiss Franc Falls After SNB Holds Rates, Says Policy Appropriate

Dow Jones
09/24

0757 GMT - The Swiss franc falls after the Swiss National Bank kept interest rates at 0%, as expected, and suggested that rate increases were unlikely for now. "Medium-term inflationary pressure has increased only slightly. Monetary policy is appropriate to keep inflation within the range consistent with price stability and supports economic development," the SNB said. The SNB expects Swiss inflation to rise somewhat in the fourth quarter, before declining over 2027, although it acknowledged a high level of uncertainty. The central bank appeared unconcerned about recent Swiss franc weakness, which it said had "a supportive effect" on growth. The euro rises 0.3% to 0.9420 francs, from 0.9379 beforehand. It hit a three-week low of 0.9371 francs shortly before the announcement.

 

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