Benzinga | Sep 24, 2020 04:38AM EDT

Swiss National Bank Leaves Policy Rates Unchanged at -0.75%

Switzerland's central bank, the Swiss National Bank, has left the policy rates unchanged at minus 0.75%, maintaining the expansionary monetary policy in its interest rate decision Thursday.

"The coronavirus pandemic continues to exert a strong influence on economic developments. The SNB is therefore maintaining its expansionary monetary policy," SNB said in a statement. "In so doing, it aims to cushion the negative impact of the pandemic on economic activity and inflation."

The bank has left the sight deposits rate unchanged at minus 0.75% as it seeks to stabilize economic activity and price developments in Switzerland.

"The inflation outlook is subject to unusually high uncertainty," SNB said. The short-term inflation forecast is higher compared to June due to the rise in oil price, but the long-term inflation forecast is unchanged.

SNB estimates minus 0.6% inflation in the current year, 0.1% in 2021, and 0.2% in 2022.

The bank said it would intervene in forex markets as it deems necessary.

USD/CHF rate is up 0.10% to 0.9247.