Switzerland Also Takes a 'Giant Step'... Raises Benchmark Interest Rate by 0.75%P

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Buaeri] The Swiss National Bank (SNB) announced on the 22nd (local time) that it will implement a giant step by raising the benchmark interest rate by 0.75 percentage points.

On the same day, the SNB stated, "We cannot rule out a 0.75% increase," explaining that it is "to stably manage the inflation situation."

This is the first time Switzerland has raised the benchmark interest rate by as much as 0.75% at once. As a result, the benchmark rate, which was at a negative rate (-0.25%), has risen to 0.5%.

Meanwhile, the European Central Bank (ECB) took a giant step on the 8th by raising the benchmark interest rate from 0.5% to 1.25%. This was interpreted as a measure considering that the inflation rate in the 19 Eurozone countries using the euro exceeded 9% last month.

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