BRUSSELS (dpa-AFX) - The Swiss National Bank reduced its policy rate by a quarter-point on Thursday, citing easing inflationary pressures.
The bank decided to lower the SNB policy rate by 0.25 percentage points to zero percent. This was the sixth consecutive reduction.
Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold remained unchanged at 0.25 percentage points.
'Inflationary pressure has decreased compared to the previous quarter,' the bank said. 'With today's easing of monetary policy, the SNB is countering the lower inflationary pressure,' SNB added.
The projected annual inflation to average 0.2 percent this year, 0.5 percent in 2026 and 0.7 percent in 2027.
Following the strong growth in the first quarter, the bank forecast economic growth to slow again and remain rather subdued over the remainder of the year. The bank expects the economy to grow in the range of 1 percent to 1.5 percent in 2025.
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