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Swiss National Bank cuts growth outlook, keeps key rate unchanged

GENEVA -- The Swiss National Bank on Thursday kept its low key rate unchanged and said the current global economic climate was forcing it to cut its 2012 economic growth outlook.

The SNB's target range for the franc's three-month London interbank offered rate (Libor) would remain unchanged at 0-0.25 percent, a bank spokesman said in a conference call with reporters.

The Swiss central bank also said that “as a result of the deterioration in the global economic outlook” and slight negative growth in the second quarter, it now expected the country's gross domestic product (GDP) for 2012 to tick in at 1 percent, compared to its previous estimate of 1.5 percent.

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