The Swiss National Bank unexpectedly decided to cut interest rates by 25 basis points to 1.50%, surprising the market, which had anticipated that SNB would maintain rates at their current level. In response to SNB's decision (with the money market having priced in such a turn of events at nearly 38%), the Swiss franc has significantly weakened against the Polish złoty.
Bankers' comments following the SNB decision include:
- The easing of policy was made possible by the effective fight against inflation.
- Inflation is likely to remain within the range below 2% over the next few years.
- Today's easing ensures that monetary conditions will remain appropriate.
- Inflation in 2024 is projected at 1.4% (previously 1.9%).
- Inflation in 2025 is expected to be at 1.2% (previously 1.6%).
Source: xStation
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