the swiss national bank on thursday unexpectedly increased its policy interest rate for the first time since september 2007 the countrys central bank increased its policy rate by half a percentage point to minus 025 from minus 075 in an effort to tame inflation economists polled by the wall street journal had expected the bank to leave rates on hold inflation in switzerland accelerated to 29 in may its highest level in more than a decade it cannot be ruled out that further increases in the snb policy rate will be necessary in the foreseeable future to stabilise inflation in the range consistent with price stability over the medium term the central bank said