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Swiss National Bank Starts Negative Interest Rate of 0.25% to Stave Off Inflows
The Swiss National Bank (SNBN) introduced a negative deposit rate to stave off inflows from investors seeking a “safe” place to park their funds. The SNB is imposing a charge of 0.25 percent on sight deposits, the cash-like holdings of commercial banks at the central bank, it said in a statement today. It is expanding its target range for the three-month Libor to minus 0.75 percent to plus 0.25 percent. “Over the past few days, a number of factors have prompted increased demand for safe investments,” the SNB said. “The introduction of negative interest rates makes it less attractive to hold Swiss franc ... (full story)
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