Swiss central bank raises interest rates again to prevent "further inflation."
By The Exchange Team
The Swiss National Bank raised its benchmark interest rate to 1% for the third time this year on Thursday.
The central bank said the move aimed to combat "increasing inflationary pressure and a greater spread of inflation."
“All in all the inflationary pressure is higher than in September thus more tightening was necessary,” bank chairman Thomas Jordan told CNBC Thursday.
“We are utilising risk management and looking at what policy is suitable to meet our [inflation] goal,” he continued.
Inflation is above the Swiss National Bank's aim of 0-2% but below neighbouring European countries' rising rates.
Switzerland's inflation rate declined from a three-decade high of 3.5% in August to 3% last month.
After raising its policy interest rate for the first time in 15 years in June, the central bank boosted it 50 basis points Thursday.