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Swiss central bank cuts interest a half point

Swiss central bank cuts interest a half point

The Swiss National Bank has cut its key interest rate by half a percentage point to 2 percent, only its second reduction since March 2003.
The central bank said its move Thursday is intended to simulate the economy amid the world's financial problems.
It says higher interest rates were less needed because Swiss inflation was expected to decline.
It follows a 1.5 percentage point cut by the Bank of England.
The bank says the global economic outlook has deteriorated more severely than anticipated. This will impact growth in Switzerland in the next few quarters.
It says it acted because signs indicated that the Swiss economy might contract in 2009.
The bank most recently cut the rate a quarter point October 8.


Updated : 2021-10-17 18:30 GMT+08:00