Switzerland cuts interest rates

In a surprise move, the Swiss National Bank cut interest rates on Thursday, slashing them 100 basis points to 1 percent.  The Swiss National Bank has slashed 100 basis points off its target range for the 3-month Swiss franc LIBOR to 0.50 - 1.50 percent, its second reduction this month.

The decision comes as a move to restore stability in the market and give the market a more flexible supply of liquidity. The SNB said that it will continue to monitor foreign exchange markets.

Source: Reuters