Julius Baer has said it will cease charging clients negative interest rates.

This follows the European Central Bank’s decision to increase the main EUR policy interest rate by 50 basis points to 0 percent – effective 27 July – and the Swiss National Bank’s previous decision to raise CHF interest rates from -0.75 percent to -0.25 percent.

Julius Baer has therefore said it will no longer charge negative interest rates on client deposits in euro, Swiss franc, and...