The Swiss National Bank kept monetary policy and negative interest rates at -0.75 unchanged as expected at its meeting that ended moments ago and emphasized its intervention as necessary in order to reduce the upward pressure on the Swiss franc.

The bank’s interest statement stated that the Ukrainian-Russian situation has raised uncertainty around the world, as inflation in Switzerland rose to 2.2% in February with the increase in the prices of oil products and commodities, while the bank expects the Swiss economy to grow by about 2.5% this year, less than previous forecasts.

The Swiss franc is trading at 0.9335 levels against the US dollar.