Business News
Swiss central bank says no change to near zero interest rate
Mar 11, 2010, 15:24 GMT
Geneva - The Swiss National Bank said Thursday it would maintain its near zero target interest rate and act to prevent 'an excessive appreciation' of the franc versus the euro.
The target range for three-month Libor lending stayed at 0.00 to 0.75 per cent, with the bank saying it would aim to keep the Libor at around 0.25.
Following a monetary policy assessment meeting, the central bank said 'signs of an economic recovery are becoming more tangible,' but it would keep its path for the near term.
'The revival remains fragile and is associated with uncertainties,' an SNB statement said.
The bank said Switzerland's gross domestic product (GDP) growth for the fourth quarter last year was 0.7 per cent compared to the prior three months.
While inflation expectations were holding stable through 2011, the bank said 'the current expansionary monetary policy cannot be maintained throughout the entire forecast horizon without compromising medium and long-term price stability.'
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