The Swiss National Bank has raised interest rates in an effort to curb inflation.
At a press conference yesterday, the bank says rates will climb by 50 basis points to 1.5%.
Inflation is high by Swiss standards, at 3.4% – although still lower than the US and European countries.
The bank is also warning that growth is likely to stay subdued for the rest of the year.
It says that’s down to lower international demand and a cut in consumer spending power due to inflation.
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