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Swiss National Bank Cuts Benchmark Rate by 100 Bps |
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European Economy |
Written by CEP News |
Nov 20 08 11:07 GMT |
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(CEP News) - In a surprise unscheduled meeting, the Swiss National Bank lowered target range for the three-month Libor by 100 basis points, bringing its range to 0.5-1.5%.
In a release, the bank said the move "will provide the Swiss franc money market with a generous and flexible supply of liquidity in order to bring the Libor down to the middle of the target range." The central bank said the decline in commodity prices would restore price stability sooner than expected. It also cites an ongoing deteriorating in economic activity on an international level bringing risks of a sharper slowdown in the region. The SNB also pledged to continue monitoring the situation in foreign exchange markets. By Stephen Huebl,
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