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ZURICH: Credit Suisse is scrapping the negative interest rates it has charged wealthy Swiss clients since 2020, the lender said on Wednesday, as its economists anticipate a further rate hike in Switzerland this year.

“Despite the continued negative interest-rate environment, Credit Suisse will repeal the account balance fee and thus move away from using negative interest rates in Swiss francs as of July 1 for the private client business,” the bank said in a statement.

In its first rate hike in 15 years, the Swiss National Bank (SNB) in June raised its policy interest rate to -0.25% from the -0.75% level it has deployed since 2015.

Governing board members have signalled further hikes may follow, spelling a potential end to the negative interest rates commercial banks have had to fork out to hold money at the SNB for the past seven years.

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