Swiss National Bank Keeps Record-Low Rate, Says Franc Overvalued
- SNB decision in line with forecast of economists in survey
- Credit Suisse says SNB 2016 growth outlook is optimistic
This article is for subscribers only.
The Swiss National Bank left interest rates at a record low and maintained its pledge to intervene if needed to push back against pressure on the “significantly overvalued” franc.
Announcing its decision on Thursday, the its measures continue to help weaken the currency, which has been a weight on the economy, holding back growth and pushing down consumer prices. It maintained the rate on sight deposits at minus 0.75 percent, as forecast by 15 of 19 economists in a Bloomberg survey, and kept its target range for three-month Libor unchanged.