Switzerland cuts interst rates to 0.50%

Switzerland has cut its interest rates, December 2008, for the fourth time in two months to counter a looming sharp downturn in one of Europe’s most open economies. The Swiss National Bank lowered its target for three month interbank offered rates by 0.50% to 0.50% on the 11 December 2008. The cut, which followed a surprise 1% reduction three weeks earlier, brought rates down to within sight of the record 0.25% low of March 2003.

SNB: Press Release, 11.12.08: Monetary policy assessment of 11 December 2008 http://www.snb.ch/en/mmr/reference/pre_20081211/source/pre_20081211.en.pdf

Website: Swiss National Bank http://www.snb.ch/

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