SNB makes it cheaper for banks to access short-term funds

SNB reduces lower limit of its special liquidity-shortage financing facility rate

The rate will be reduced to at least 0%, as compared to the previous level of at least 0.5% - with the change to come into effect starting from 1 July.

The facility is mainly used to allow counterparties - usually banks - to meet liquidity requirements in case they run into any complications or bottlenecks. So, a lower limit essentially makes it cheaper for banks to access these funds in general.