Switzerland raises interest rates amid banking crisis

Switzerland raises interest rates amid banking crisis

Central bank says it is providing large amounts of liquidity against banking crisis which erupted last week

By Gokhan Ergocun

ISTANBUL (AA) – The Swiss central bank raised its policy interest rate by 50 basis points to 1.5% on Thursday amid concerns related to the banking sector.

The fourth consecutive hike was aimed at fighting ongoing inflationary pressure, the Swiss National Bank said in a statement, recalling that the annual inflation rate was at 3.4% in February.

While the collapse of Swiss lender Credit Suisse caused shock waves in the global financial markets, its rival UBS announced that it would buy Credit Suisse for 3 billion francs ($3.24 billion) with the support of the government.

Against the financial crisis, the central bank is providing large amounts of liquidity in Swiss francs and foreign currencies, the statement said.

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