The SNB cuts its key policy rate to 1.25%
June 20, 2024
The Swiss National Bank cuts its key policy rate by 0.25 percentage points to 1.25%. The change will take effect from tomorrow, 21 June 2024. Banks’ demand deposits with the SNB will bear interest at the SNB’s reference rate up to a certain limit, and above that limit will bear interest at 0.75%. The SNB also intervenes actively in the foreign exchange market if necessary. The underlying inflationary pressure has again declined compared to the previous quarter.