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November 20, 2008 - Forex Economic News
Swiss National Bank makes surprise interest rate cut by 100 basis points.
The Swiss National Bank announced today its decision to reduce its interest rate by 100 basis points effective immediately on concerns of slowing economic activity in Switzerland. The 
new Libor target range is now 0.50-1.50 percent after the reduction and down from the previous range of 1.50-2.50 percent. Today's unexpected reduction follows a similar November 6th surprise rate reduction by 50 basis points and an October 8th rate cut by 50 basis points that was coordinated with major central banks around the globe to ease economic turmoil.
Accompanying the interest rate decision, the SNB release stated that, "international economic conditions have worsened appreciably, bringing a higher risk of a marked slowdown in economic activity in Switzerland next year." The statement said that today's rate reduction, "will provide the Swiss franc money market with a generous and flexible supply of liquidity."
The next SNB meeting is scheduled for December.
tags: snb, swiss franc, interest rate, economy
