The central bank increased its policy rate to -0.25% from the -0.75% level it has deployed since 2015. The hike was the first increase by the SNB since September 2007.

On Thursday, the Swiss National Bank hiked its policy interest rate for the first time in 15 years, joining other central banks in quantitative tightening in the face of rising inflation.

The central bank increased its policy rate from -0.75 percent to -0.25 percent, the lowest level since 2015. This is the first rate increase by the SNB since September 2007.

The move came after the US Federal Reserve raised interest rates by 0.75 percent on Wednesday, and the European Central Bank said last week that it will raise rates in July to combat rising inflation in the eurozone, which topped 8.1 percent last month.

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