The Swiss National Bank raised interest levels by 50 basis points at its first meeting this year, as expected at its meeting moments ago, from 1% to reach 5.1%, after raising it by 50 basis points at the bank’s last meeting in December.

The bank’s interest statement stated that the bank is dealing with the renewed increase in inflation and does not rule out an additional interest hike to ensure price stability, as the bank expects inflation to reach 2.6% this year.