Swiss central bank raises interest rates by 0.75% after inflation hits highest level in 30 years

The Swiss central bank today raised its key interest rate by 0.75% to 0.5% from -0.25% to curb inflation, which has risen to a 30-year high.

The Swiss central bank’s rate hike came after the Federal Reserve raised short-term interest rates by 0.75% to 3.00-3.25% at its meeting yesterday.

The Swiss central bank wants to get a grip on inflationary pressure. The inflation rate in Switzerland rose to 3.5% in August, the highest level in 30 years.

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