After the Swiss National Bank (SNB) lowered the policy rate by another 25 basis points (bps) in the third consecutive meeting, Chairman Thomas Jordan explained the reason behind the move at the post-policy meeting press conference on Thursday.

Key quotes

Inflationary pressure has decreased significantly in Switzerland.

Strong Franc, lower oil, electricity prices contributed to lower inflation forecasts.

Downside risks to inflation higher than upside risks.

Further interest rate cuts may be necessary in coming quarters.

Swiss economic growth will be 'rather modest' in coming quarters.