SNB raises rates by 50 bps from 0.50% to 1.0%

The Swiss National Bank (SNB) raised its benchmark sight deposit interest rate by 50 basis points (bps) to 1.0% from 0.50% previous, as widely expected.

At the December policy meeting, the SNB hiked rates for the third consecutive meeting, summing up to a total of 175 bps of rate increases this year.