Swiss National Bank Changes Interest on Bank Deposits

The Swiss National Bank on Monday said it was changing the interest it pays with cash business banks lodged with the national bank for the time being.

Sight deposits which are held to meet the base save necessities will as of now not be compensated, while it changed the level that different interest rates applied.

“The progressions do not affect the ongoing money related approach position,” the SNB said. “These changes will guarantee that financial strategy execution stays successful and will lessen interest costs for the SNB,” it added.

From Dec. 1, banks will be paid the SNB’s arrangement rate, at present 1.75%, on stores comparable to multiple times their base save necessities.

Beforehand they were paid revenue for cash held at multiple times the prerequisite.

Sight stores held over the bank’s singular limit will be paid the SNB’s strategy rate, less a markdown of 0.5 rate focuses.