The Swiss National Bank has raised interest rates by more than analysts were expecting. Yesterday it announced a half a percent hike, taking rates to 1%.
Many believed the rise would only be a quarter of a percent.
The aim is to control inflation and bring it back to the 2% target.
Last month it stood at 3%, but that was down from 3.5% during the summer.
The bank says it doesn’t rule our further rate rises and adds it’s willing to intervene on the foreign exchange markets if the franc appreciates too much.
The new rate is the highest it’s been for 14 years.
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