March 27, 2021 | banking

Swiss central bank still committed to expansive policy


ZURICH: The Swiss National Bank dialed back its verbal commitment to foreign currency interventions and raised its inflation outlook on Thursday, although analysts said this shouldn’t be seen as signalling the central bank quitting its ultra-expansive policy.
The SNB caused no surprise on Thursday when it kept its policy rate locked at minus 0.75 per cent as unanimously forecast by economists in a Reuters poll.
It reiterated its commitment to the expansive policy it has kept in place since 2015, spearheaded by the world’s lowest interest rate.
This was despite the franc losing 3 per cent of its value versus the euro this year as safe-haven inflows eased.
“Despite the recent weakening, the Swiss franc remains highly valued. With a view to stabilising economic activity and price developments, the SNB is maintaining its expansionary monetary policy,” the SNB said. The central bank said it remained committed to currency interventions, albeit using less forceful language than at its last rates decision in December.

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