SNB raises rates for first time since 2007

The Swiss National Bank raised its policy rate for the first time in 15 years at its meeting on June 16.

The SNB’s three-member council voted to raise its interest rate from -0.75% to -0.25%, its first hike since 2007. SNB chairman Thomas Jordan said the hike was “aimed at preventing inflation from spreading more broadly to goods and services in Switzerland”.

The country’s year-on-year inflation reached 2.9% in May. Jordan said much of the increase was due to global supply bottlenecks and food

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