The Swiss National Bank set the Libor target rate for September 15, where the bank kept rates unchanged at 0.0-0.25% in line with expectations in order to control the rapid appreciation seen for the currency, especially after the bank set the minimum exchange rate for the franc against the euro.

Furthermore, the bank cut growth forecast for 2011 from 2% to between 1.5% and 2%, while the bank also cut inflation forecast to 0.4% in 2011 from the previous forecast of 0.9%.