Forex Pros – The Swiss National Bank kept its benchmark interest rate unchanged in March, it announced on Thursday.
In a statement, the SNB said it was keeping its benchmark interest rate unchanged at 0.25% in March, broadly in line with expectations.
The accompanying rate statement released after the announcement said, “Despite the continued strength of the Swiss franc, the Swiss economy grew more vigorously in the fourth quarter of 2010 than anticipated.”
The statement added, “continuing debt problems in Europe and the possible dampening effects of high oil prices on economic activity pose considerable downside risks. In addition, the consequences of the earthquake catastrophe in Japan are, at this stage, difficult to assess.”
Following the release of the data, the Swiss franc was up against the U.S. dollar, with USD/CHF shedding 0.71% to hit 0.9016.
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