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06/11/2008, 13h34
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Switzerland : SNB lowers target range for the three-month Libor by 50 basis point.
The Swiss National Bank (SNB) is lowering the three-month Libor target range by 50 basis points to 1,5% - 2,5% with immediate effect. It intends to hold the rate in the middle of the target range for the time being.
The global economic outlook has deteriorated more severely than anticipated, which will impact global growth in Switzerland in the next few quarters; growth in 2009 might even be negative. Moreover, the economic slowdown, the decline in the price of oil and the appreciation of the Swiss francare reinforcing the expected drop in inflation. Source : SNB.  
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