The building of the Swiss National Bank (SNB) is pictured in Bern, Switzerland June 16, 2022. The increase to 0.5%, from minus 0.25%, followed a 50 basis point hike in June from minus 0.75%, the SNB's first rate hike in 15 years. The SNB originally imposed negative rates in December 2014 and lowered them again in January 2015 to minus 0.75%. Negative rates were unpopular among Swiss banks, who saw them as a charge on their activities and also reduced lending margins. The Swiss Bankers Association said negative rates meant the country's lenders had borne the brunt of the fight against the appreciating franc.

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