Business News
Swiss central bank sticks to zero-interest policy
Dec 15, 2011, 11:39 GMT
Bern, Switzerland - Switzerland's central bank announced Thursday that its key interest rates would remain close to zero per cent while the European debt crisis continues.
At the same time, the Swiss National Bank said it would defend its minimum target rate of 1.20 Swiss francs per euro 'with the utmost determination,' adding that 'it is prepared to buy foreign currency in unlimited quantities.'
Switzerland's export-oriented economy has been hurt by the strong franc, as Swiss goods have become more expensive for foreign buyers.
Industrial production in the third quarter fell 1.4 per cent from the previous quarter, while orders dropped 4.3 per cent, according to latest federal statistics office figures.
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