The Swiss National Bank (SNB) is extending its pause in interest rate hikes by keeping the key rate at 1.75% for the second time in a row.

The SNB made its latest monetary policy decision on Thursday. The central bank had previously increased its key interest rate in five successive steps.

Inflationary pressure has decreased slightly over the last quarter, the SNB said in a communiqué on Thursday. However, uncertainty remains high. It will monitor developments closely and adjust monetary policy “if necessary” to ensure price stability in the medium term. ...