The Swiss National Bank raised its benchmark interest rate by 50 basis points on Thursday and declared that measures to support Credit Suisse had 'put a halt to the crisis'.
The Swiss National Bank building is seen near the Limmat river in Zurich, Switzerland March 23, 2023. REUTERS/Denis BalibouseZURICH, March 23 - The Swiss National Bank raised its benchmark interest rate by 50 basis points on Thursday and declared that measures to support Credit Suisse had "put a halt to the crisis".
The central bank said that additional rate rises could not be ruled out and that it was willing to be active in the foreign exchange market if necessary. "The measures announced at the weekend ... have put a halt to the crisis," it said in a statement. "The SNB is providing large amounts of liquidity assistance in Swiss francs and foreign currencies."
The rates increase was the SNB's fourth hike in succession as the central bank maintained its fight against Swiss inflation, which remains stubbornly outside the SNB's target band of 0%-2%. "The growth outlook for the global economy in the coming quarters remains subdued," said the SNB in a statement. "At the same time, inflation is likely to remain elevated worldwide for the time being."
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