The Swiss Central Bank raised the discount rate to 0.5%
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On Thursday, the Swiss National Bank raised (.pdf) the base refinancing discount rate by 0.75 percentage points – from -0.25% to 0.5%. The rate has been negative since 2015. Thus, the National Bank of Switzerland became the last in a series of European Central Banks to abandon the negative discount rate. In early September, the Danish Central Bank raised the rate by 0.75 percentage points to 0.65%. Now the only major country where such a rate is maintained is Japan, on Thursday the Japanese Central Bank confirmed that it would keep the rate at -0.1%.
As the National Bank of Switzerland noted, the decision to raise the rate was made in the context of continuing inflation, and the bank does not exclude the possibility of a further increase in the rate. In August, inflation in Switzerland hit 3.5%, the highest level in three decades.
On Wednesday, the US Federal Reserve once again in a year raised rate by 0.75 percentage points to the level of 3-3.25%. The Fed has also signaled that the rate will continue to rise and is unlikely to be cut before 2024.
Read more about the key rate of the Fed – in the material “Kommersant” “Seventy-Five Again”.
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