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Interest rate decision Switzerland – SNB leaves negative interest unchanged – Swiss is "highly" valued News

Thursday, September 14th, 2017 | Economy

It leaves the interest rate on sight deposits at the National Bank at -0.75% and the target range for the three-month Libor at -1.25% to -0.25%. At the same time, the National Bank is still active on the foreign exchange market if necessary, taking into account the entire currency situation, according to the SNB's monetary policy assessment on Thursday.
The SNB weakened its choice of words with a view to the exchange rates. The Swiss franc is "still highly valued," notes the bankers. Lastly, there was always a "clearly overrated" franc. All in all, the exchange rate development contributed to a "certain reduction in the marked overvaluation of the Swiss franc". However, the situation on the foreign exchange market is still fragile and is stressed at the same time.
Since the last assessment of the situation in mid-June, the franc has weakened against the euro. If the EUR / CHF rate was at just under 1.09, he currently stands at just under 1.15. On the other hand, the Swiss franc gained somewhat in value since the middle of June.
More pessimistic about growth
Regarding growth, the SNB is now somewhat more pessimistic and expects the real gross domestic product (GDP) to grow by "just under 1.0%" after 2017 to around 1.5%. This is justified by the low GDP figures of the preceding quarters. However, the Swiss economy continues to be on a moderate recovery, according to the SNB.
Inflation forecasts for Switzerland were only slightly adjusted towards June. For 2017, inflation is seen at + 0.4% (previously: + 0.3%), for 2018 at + 0.4% (previously: + 0.3%) and for 2019 at + 1.1% (previously : + 1.0%).
(AWP)

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