The Swiss National Bank (SNB) kept its ultra-loose monetary policy in place on Thursday, citing the "fragile" exchange rate situation as a reason to maintain its expansive course into its fourth year.
The SNB kept its target range for the three-month London Interbank Offered Rate (LIBOR) at -1.25 to -0.25 percent, as unanimously forecast by 32 economists polled by Reuters. The rate has been frozen at this level since January 2015.
The central bank also kept in place the negative interest rate of -0.75 percent it charges on deposits held by commercial banks above a certain level, and said it remained ready to intervene in the foreign exchange markets if needed.
Swiss central bank president Thomas Jordan told CNBC's Julianna Tatelbaum on Thursday that global growth was weighing on the Swiss economy.
"The global economy is weaker than six months ago and the same is true for Switzerland. But in the last half of 2017 and first half of 2018 we had extraordinary growth and now we are going back to a more normal level of growth," he said.
Jordan added that the SNB is expecting Swiss growth across 2019 to be around 1.5 percent.