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Swiss National Bank cuts rates on overnight deposits as interest costs soar
The Swiss National Bank on Monday said it will reduce the amount of interest it pays commercial banks for money deposited with it overnight after costs soared with the end of its negative-rate regime and efforts to stem the rise of the safe-haven franc. The SNB paid out 3.3 billion Swiss francs ($3.66 billion) in interest on sight deposits in the first six months of 2023, after reversing an almost eight-year run of negative rates during which commercial banks were forced to pay the central bank to park cash overnight. European Central Bank policymakers are also considering ways to reduce interest payments to the euro ... (full story)