Swiss central bank hikes interest rate

The Swiss National Bank raised its benchmark interest rate by 50 basis points Thursday, taking it to 1.5%, Report informs, citing CNBC.

The rate is the fourth consecutive hike and the change in policy rate is in line with analyst expectations.

The additional monetary tightening has been put in place to counter “the renewed increase in inflationary pressure,” the bank said in a press release.

It also said further rises “cannot be ruled out ... to ensure price stability over the medium term.”