Switzerland, Inflation has also hit Switzerland, a safe haven for black money. While the whole world is currently facing inflation after the rapid recovery after Corona, even in Switzerland, the country of black money, inflation is now crying out for help. According to official data for the month of June, inflation in Switzerland peaked at 12 points in June 2013.
According to the report, Switzerland’s annual inflation rate rose to 7.5% in June, the highest in three years. Switzerland’s central bank, known as the Swiss Bank, has already begun raising interest rates in anticipation of inflation reaching record levels.
Switzerland’s central bank, the Swiss National Bank (SNB), raised benchmark interest rates for the first time in 15 years at a monetary policy meeting on June 15. The central bank has decided to tighten monetary policy to curb rising inflation in the country.
The central bank raised the policy rate from -0.5% to -0.5%. This is the first change in interest rates since 2012 and the first hike by SNB since September 2009. Despite the hike in interest rates, SNB has raised its inflation forecast for March from 7.1% to 7.5%. Inflation in the country was expected to be 1.5% and 1.2% in 203 and 206, respectively.
The inflation forecast for the next two years is also higher than the previous estimate. However, amid rising interest rates and rising inflation, the SNB still expects the Swiss economy to grow by about 7.5% in 203. SS2KP