SNB Keeps Rates Steady, Franc Weakens on Market Expectations

The Swiss National Bank (SNB) maintained its key interest rate at zero percent on Thursday. The decision was in line with market expectations. As a result, the Swiss franc weakened against other major currencies in the European session.

Banks' sight deposits held at the central bank will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold remains unchanged at 0.25 percentage points.