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SNB cuts key interest rate.

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In an effort to jumpstart economic activity, the Swiss National Bank joined forces with leading central banks from around the world and dropped its key interest rate.

On October 8, the SNB cut its target rate to 2.5 per cent, from 2.75 per cent, by reducing its target range to 2-3 per cent, from 2.25-3.25 per cent.

This is the first time in five years the SNB has sliced its target rate, according to the Swiss daily newspaper Cash Daily.

The SNB said its decision was prompted by a combination of easing inflationary pressures--in part due to tumbling energy and commodity prices--and an outlook for slower economic growth. A lower interest rate makes it cheaper to borrow money, and thus encourages economic activity and growth.

"In view of the improved inflation outlook, as a result of the economic downturn and the low oil prices, the SNB is now...

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