Switzerland’s housing market calm
House prices were up by 0.64% during the year to Q3 2020
House prices rose slightly by 0.64% during the year to Q3 2020, an improvement from the previous year’s 2.25% drop and the second consecutive quarter of y-o-y growth since Q2 2017. During the latest quarter, prices increased slightly by 0.34% q-o-q.
The property market’s slowdown in recent years can be attributed to the Swiss National Bank’s stricter lending criteria, designed to lower housing debt (currently 90% of all household debt). The decision of the central bank to abandon its cap against the euro in 2015 also made Swiss real estate more expensive for foreign investors, thereby reducing demand.
Switzerland closes investigation into CIA-linked encryption firm
The spying began in the 1970s and allegedly continued until at least 2018, and over 100 countries worldwide were targeted. Keystone / Ennio Leanza
The Swiss authorities have concluded that Crypto AG did not violate any laws when applying for export licences for what turned out to be compromised encryption devices.
This content was published on December 21, 2020 - 12:09
December 21, 2020 - 12:09
Keystone-SDA/ac
The Office of the Attorney General of Switzerland (OAG) has dropped criminal proceedings in connection with the Crypto affair, it announced on Monday in response to a request from the Keystone-SDA news agency. The charges had been filed in mid-February by the State Secretariat for Economic Affairs (SECO) against unknown persons.
Swiss central bank keeps key interest rate at -0 75 pct to contain strong franc china.org.cn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from china.org.cn Daily Mail and Mail on Sunday newspapers.
USD/CHF slumps to 2015 lows after the final SNB rate decision of the year
USD/CHF slumps to 2015 lows after the final SNB rate decision of the year
The bank left the main interest rate unchanged at -0.75%, in line with expectations.
The decision came a day after the US declared Switzerland a currency manipulator.
The USD/CHF price wavered after the final interest rate decision by the Swiss National Bank (SNB) and the Federal Reserve. The pair is trading at 0.8850, which is close to its lowest level since 2015.
USD/CHF price action
SNB rate decision
The SNB concluded its two-day meeting today, leaving the main interest rate unchanged at -0.75% where they have been since January 2015. That was in line with what most analysts were expecting and what the bank had guided before.
2020-12-17 13:35:15 GMT2020-12-17 21:35:15(Beijing Time) Xinhua English
GENEVA, Dec. 17 (Xinhua) The Swiss National Bank (SNB) kept its policy rate unchanged at minus 0.75 percent on Thursday and said that it was willing to intervene more strongly in the foreign exchange market, while expecting Switzerland s economic output to shrink by around 3 percent this year due to the COVID-19 pandemic. The coronavirus pandemic is continuing to have a strong adverse effect on the economy, the SNB wrote in a press release following its monetary policy assessment. Against this difficult backdrop, the SNB is maintaining its expansionary monetary policy with a view to stabilizing economic activity and price developments.