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  • SNB Leads Global Central Banks in Rate Cuts Amid Economic Pressures 

SNB Leads Global Central Banks in Rate Cuts Amid Economic Pressures 

In March 2024, the Swiss National Bank unexpectedly decided to lower its primary interest rate by 0.25 percentage points to 1.5%. The action represented the institution’s first reduction in nine years, setting a precedent as the first major central bank to initiate a loosening of monetary policy. This development ensued as Swiss inflation dropped to 1.2% in February, extending a nine-month trend of prices within the SNB’s target zone of 0-2%, reflecting maintained price equilibrium.  

The central bank acknowledged the diminishing inflationary trends and the Swiss franc’s real-term appreciation over the preceding year as influencing factors in its decision. With expectations that inflation will continue to align with the stability range in the coming years, the policymakers will keep a watchful eye to ensure it does so.  

Projections by the SNB estimate that average annual inflation rates will hover at 1.4% for 2024, decline slightly to 1.2% for 2025, and then to 1.1% for 2026. Concurrently, economic expansion is predicted to be subdued in the near term, with this year’s growth projections standing at approximately 1%. 

In the wake of the Swiss National Bank’s move, the Swiss franc depreciated, surpassing the 0.895 mark against the US dollar, reaching its lowest point since November 13th. 

(Policy Rate Levels，Swiss National Bank) 

(USDCHF Monthly Chart) 

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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

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Regulatory Information:

Ultima Markets is a trading name shared amongst multiple entities operating in various jurisdictions. These following entities are authorised to operate under the Ultima Markets brand and trademarks.

  • Ultima Markets UK Limited, reference number 470325, is authorised and regulated by the Financial Conduct Authority (FCA). Registered address: 1 Blossom Yard, Fourth Floor, London, E1 6RS, UNITED KINGDOM.

  • Ultima Markets (Mauritius) Ltd is authorised and regulated by the Financial Services Commission (FSC) of Mauritius as a Full-Service Investment Dealer (excluding Underwriting), under licence number GB 23201593.

    Registered address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.

  • Ultima Markets EU OÜ is incorporated in Estonia with registry code 17134727. Registered address: Harju maakond, Tallinn, Kristiine linnaosa, Seebi tn 1-1501, 11316. Ultima Markets EU OÜ facilitates services on behalf of other licensed entities within the Ultima Markets Group, including, but not limited to, payment services. This entity does not offer regulated financial products or provide trading services.

  • Ultima Markets (Pty) Ltd is a licensed Financial Services Provider (FSP No. 52497) authorised and regulated by the Financial Sector Conduct Authority ("FSCA") of South Africa. Ultima Markets (Pty) Ltd is neither the issuer nor the market maker of the derivative products made available through the FSP. It acts solely as an intermediary, as contemplated in the Financial Advisory and Intermediary Services Act, 2002 ("FAIS Act"), between clients and Ultima Markets (Mauritius) Ltd (the "Product Provider"). Its services are limited to the provision of intermediary services in relation to derivative products issued by the Product Provider. Accordingly, Ultima Markets (Pty) Ltd does not act as principal, issuer, market maker, or counterparty in any client transaction. Registered Office: 18 Cavendish Road, Claremont, Cape Town, Western Cape 7708, South Africa.

  • Ultima Markets (Pty) Ltd, with registration number K2021950694, is licensed and authorised by the Financial Sector Conduct Authority (FSCA) under FSP number 52497. Registered address: 183 Albion Springs, Rondebosch, Cape Town, Western Cape, 7700, South Africa.

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