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Swiss National Bank Holds Rate Target at 0-0.25%

September 15, 2011 by CentralBankNews   Comments (0)

The Swiss National Bank held its target for the 3-month franc LIBOR unchanged at 0-0.25 percent, and reaffirmed its commitment to the EURCHF 1.20 floor set on the 6th of September.  The Bank said: "The Swiss National Bank will enforce the minimum exchange rate of CHF 1.20 per euro set on 6 September with the utmost determination. It is prepared to buy foreign currency in unlimited quantities. It continues to aim for a three-month Libor at zero and will maintain total sight deposits at the SNB at significantly above CHF 200 billion."


At its June meeting this year the Swiss National Bank maintained the interest rate unchanged at 0.25%.  The SNB intensified its currency measures over the past two months.  Switzerland reported annual consumer price inflation of 0.2% in August, compared to 0.50% in July, meanwhile, the Bank is forecasting inflation of 0.4% during 2011, while 2012 inflation is expected at -0.3% and 0.5% in 2013.  The Swiss economy grew 2.3% on an annual basis in the June quarter (2.5% in Q1).  The Swiss franc (CHF) last traded around 1.2060 against the Euro, and 0.877 against the US dollar.

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RBNZ Holds Official Cash Rate at 2.50%

September 15, 2011 by CentralBankNews   Comments (0)

The Reserve Bank of New Zealand kept the Official Cash Rate (OCR) steady at 2.50%, noting the impact of global developments.  The Bank Said: "If recent global developments have only a mild impact on the New Zealand economy, it is likely that the OCR will need to increase. For now, given the recent intensification in global economic and financial risks, it is prudent to continue to hold the OCR at 2.5 percent"


Previously the Bank also held the OCR unchanged at 2.50%, while the Bank cut the rate by 50 basis points in March this year, following the Canterbury earthquake.  New Zealand reported consumer price inflation of 5.3% in Q2 this year, up from 4.5% in Q1, and 4.0% in Q4 of 2010, and above the official inflation target of 1-3% as short term factors such as tax increases caused a spike in prices.  The New Zealand dollar (NZD) is up about 6% against the US dollar so far this year, having touched all new highs close to 0.88, meanwhile the NZDUSD last traded around 0.82.

www.CentralBankNews.info

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