The Swiss National Bank (SNB) announced that it would significantly increase liquidity via additional repo operations, purchases of Swiss franc bonds of private borrowers, and currency interventions.It cut its interest rate in half to 0.05%..

This follows a series of rate cuts from 2.75% to 0.50% during the fourth quarter of 2008. The latest step effectively means a return to the extremely low official rates that prevailed between March 2003 and June 2004.

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