SNB's Schlegel: Will monitor situation closely and adjust policy if necessary

Swiss National Bank (SNB) Chairman Martin Schlegel is addressing the post-meeting press conference, explaining the decision behind the 25 basis points (bps) interest rate cut to 0.25%.

Key quotes

Uncertainty about global economic development and inflation has increased significantly.

Outlook for swiss inflation is very uncertain, sees mainly downside risks.

Swiss inflation has developed in line with expectations.

Inflation still being driven by domestic services.

Will monitor situation closely and adjust policy if necessary.

more to come ....