Swiss says it will maintain ultra-loose monetary policy

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Swiss says it will maintain ultra-loose monetary policy

The Swiss National Bank said on Thursday that it was retaining its ultra-loose monetary policy despite early moves by the European Central Bank and U.S. Federal Reserve to start normalising policy during the post-pandemic recovery.

The SNB maintained its policy rate at minus 0.75%, as unanimously predicted by economists in a Reuters poll, the same rate it charges on sight deposits held by commercial banks.

The central bank remained committed to foreign exchange interventions as necessary to curb the appreciation of the safe-haven Swiss franc, which it stated as highly valued and most appreciated.