Swiss National Bank Exits Negative Rates Era With 0.75% Hike

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ZURICH -The Swiss National Bank raised its policy interest rate by 0.75 percentage point on Thursday – only the second rise in 15 years – and said it could not rule out more hikes as it joined other central banks in tightening monetary policy to curb inflation.

The SNB increased its policy rate to 0.5 percent from the minus 0.25 percent level it set in June. Previously Swiss rates had been frozen at minus 0.75 percent for years as the SNB tried to tame the appreciation of the safe-haven Swiss franc.

Most economists polled by Reuters had expected the SNB to raise its policy rate to 0.5 percent.

“It cannot be ruled out that further increases in the SNB policy rate will be nece…

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