Swiss central bank cuts rate, plans to support franc

03/13/2009 | Wall Street Journal, The

Switzerland's central bank dropped its target interest rate by 0.25 percentage point to 0.25%, a move widely expected, then said it will buy foreign currency to curb the rise of the Swiss franc. The intervention prompted a sharp reaction in currency markets. The move might lead other central banks, particularly those of Japan and Sweden, to intervene in currency markets as well.

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