By Klaus Wille Dec. 10 (Bloomberg) -- The Swiss central bank left its benchmark rate unchanged today as it tries to nurture the economy’s recovery from the deepest recession in three decades. The Swiss National Bank, led by Jean-Pierre Roth, held the three-month Libor target at 0.25 percent, as expected by all 16 economists in a Bloomberg News survey. Roth and the two other members of the SNB governing board will hold a press conference at 10 a.m. The SNB said it will stop bond purchases and continue currency purchases. The Swiss economy emerged from its worst recession in more than 30 years in the third quarter after the SNB cut borrowing costs, bought corporate bonds and purchased foreign currencies to halt the franc’s gain and stave off deflation. Roth said Nov. 30 that signs of growth “don’t mean that all problems are gone.” “We may see the beginning of a road map for the exit set out,” said Julien Manceaux, an economist at ING Group in Brussels, who expects the SNB main rate may remain unchanged until September 2010. “The Swiss economy is not out of the woods yet and any overzealousness” could threaten the recovery. The SNB has left its main rate at 0.25 percent since March. Swiss gross domestic product rose 0.3 percent in the three months through September, ending a year-long contraction, and data indicate the recovery is strengthening. The KOF leading indicator has risen for seven months and manufacturing has resumed expansion. Roth, chairing his last monetary policy meeting before Vice-Chairman Philipp Hildebrand takes over in January, said on Nov. 30 that there was a “bit of light” in the economy. To contact the reporter on this story: Klaus Wille in Zurich at kwille@bloomberg.net.

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