In the third reduction of interest rates, within 2024, with the aim of easing the monetary policy, the Central Bank of Switzerland proceeded, which on Thursday cut its key interest rate by 25 basis points to 1%.

The move was predicted by 30 out of 32 analysts who participated in a related Reuters poll.

As reported by CNBC, the interest rate cut follows the sluggish rate of inflation (it moved to 1.1% in August) and the rally that has recorded the Swiss francbut also in continuation of corresponding moves made recently by both the European Central Bank and the US Federal Reserve (which, however, lagged behind the others, which however responded with an aggressive reduction of 50 basis points).

It is noted that the Central Bank of Switzerland was the first of the major Western central banks which cut interest rates in March.

Speaking to CNBC, the president of the Swiss National Bank, Thomas Jordan (who will leave at the end of the month), estimated that “further cuts may be needed to stabilize inflation over the next three months” however, he declined to comment on how much intervention would be needed.

“In December, the new inflation estimates will tell us in which direction monetary policy should be adjusted” he said.