BREAKING: SNB unexpectedly cuts interest rates; CHF under pressure 📉

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