Martin Schlegel, the new chairman of the Swiss National Bank (SNB), assumes his role amid scrutiny over the central bank’s handling of the Credit Suisse collapse and its acquisition by UBS. Critics argue that Swiss authorities were ill-prepared for the crisis,

The Swiss National Bank reduced interest rates by 25 basis points on Thursday, echoing steps to lower borrowing costs by the European Central Bank and U.S. Federal Reserve, and left the door wide open for more rate cuts as inflation cools sharply.

Switzerland’s central bank cut its key interest rate for the third straight meeting as it pivots away from worries about high inflation toward concerns about the impact of a strong currency on exporters.