BERN- The Swiss National Bank kept its ultra-expansive monetary policy in place on Thursday despite rising criticism in Switzerland of its negative interest rates to tame the safe-haven franc.
The SNB froze its policy rate at -0.75%, as expected by all analysts in a Reuters poll. It also maintained the rate it charges on commercial banks’ sight deposits at -0.75%.
The central bank pledged to remain active in the currency markets to ease upward pressure on the franc, which has gained 3% in value against the euro this year. The SNB continued to describe the franc as “highly valued,” as predicted in the poll.
(Content and photos syndicated via Reuters)