Swiss National Bank says expansive policy needed to tackle coronavirus downturn

 BERN (Reuters) - The Swiss National Bank renewed its commitment to an ultra-expansive monetary policy on Thursday, saying its unconventional measures will help Switzerland deal with its sharpest recession in decades. 

 The central bank kept its policy interest rate and the rate it charges on sight deposits both locked at minus 0.75%, as unanimously expected by analysts polled by Reuters. 

Chairman Thomas Jordan said the central bank’s stance would help Switzerland navigate the coronavirus crisis which would push the country into the deepest recession since the oil shock of the 1970s. The SNB forecasts a 6% decline in GDP this year.

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