The Swiss National Bank cut its key interest rate by 25 basis points to 1.50% on Thursday, becoming the first major central bank to adopt a tighter monetary policy aimed at curbing inflation.

The central bank – the first interest rate decision since long-serving president Thomas Jordan announced he would step down in September.

The SNB’s decision, the first interest rate cut in nine years, was the first in a busy day for European central banks as the Bank of England and the Norwegian central bank also announced their latest policy decisions. The Bank of Norway did not change interest rates and economists do not expect a change from the Bank of England.