Central banks

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  • 19 March 2020, 10:13
    SNB President Jordan: Cutting rates is unfavourable at present

    • We are not a currency manipulator

    • We do not intervene to take advantage of other currencies

    • Central banks around the world are in close contact

    • But monetary policy alone cannot solve this crisis

    • Monetary policy is complementary and can support fiscal measures

  • 23 January 2020, 09:44
    Swiss National Bank (SNB) Chairman Jordan: We don't manipulate Swiss franc exchange rate

    • Doesn't see a new minimum exchange rate at the moment

    • Negative rates have side effects, SNB trying to minimise those side effects.

    • That gives us the freedom to maintain negative rates for longer and also to cut the rate if necessary.

    • SNB conducts independent monetary policy, does not follow the ECB.

    • Balance of risks is tilted to the downside.

    • Needs to take international environment into account.

    • SNB could still cut rates if needed.

    • We still have a highly valued Swiss franc, important to keep expansive policy.

    • SNB can intervene as necessary.

    • Never intend to weaken the franc for any advantage.

  • 12 December 2019, 08:45
    SNB leaves policy rate unchanged at -0.75%

    • Remains prepared to intervene in markets if needed

    • Risks to the global economy remain tilted to the downside

    • Franc remains highly valued; FX market remains fragile

    • Willing to intervene in FX market as necessary, while taking overall currency situation into consideration

    • Negative rates and willingness to intervene should counteract attractiveness of the franc and ease upward pressure on the currency

    • 2019 GDP forecast seen at around 1.0% (previously 0.5% to 1.0%)

    • 2020 GDP forecast seen between 1.5% to 2.0%

    • 2019 inflation forecast seen at 0.4% (unchanged)

    • 2020 inflation forecast seen at 0.1% (previously 0.2%)

    • 2021 inflation forecast seen at 0.5% (previously 0.6%)

  • 3 April 2019, 09:40
    SNB Board Member Maechler: low long term rates reflect global growth worries

    • Swiss economy remains dynamic

    • inflation pressures remain very weak

    • expansive monetary policy remains necessary

    • monetary policy remains based on negative interest rates and readiness to intervene in the currency markets if needed

    • SNB willing to intervene if necessary

  • 16 June 2016, 14:44
    Swiss National Bank Chairman Thomas Jordan: the SNB will intervene in the foreign exchange market if needed

    The Swiss National Bank (SNB) Chairman Thomas Jordan said in a press conference on Thursday that the central bank would intervene in the foreign exchange market if needed. He pointed out that the franc remained significantly overvalued.

    Jordan noted that the Swiss economy was expanding moderately this year.

    The SNB chairman also said that the SNB would monitor the results of the referendum on Britain's membership in the European Union, and it would act if needed.

    "Next week's UK referendum on whether to remain in the EU may cause uncertainty and turbulence to increase. We will be monitoring the situation closely and will take measures if required," Jordan noted.

  • 16 June 2016, 10:04
    Swiss National Bank keeps its rates steady at -0.75% in March, but it upgrades its economic inflation forecasts

    The Swiss National Bank (SNB) released its interest rate decision on Thursday. The central bank kept the rates on sight deposits at minus 0.75% and said that the bank will remain active in the forex market if needed.

    The SNB noted that the Swiss franc was still significantly overvalued.

    Inflation was upgraded to -0.4% in 2016 from the previous forecast of -0.8%. The central bank expects inflation to be 0.3% in 2017, up from the previous forecast of 0.1%.

    The upward revision was driven by a recent rise in oil prices.

    The central bank noted that global economy was expected to expand moderately over the coming quarters, adding the referendum on Britain's membership in the European Union was a risk to the outlook.

    The SNB expects the Swiss economy to grow between 1% and 1.5%, unchanged from its previous estimate.

  • 6 May 2016, 10:01
    Swiss National Bank's foreign exchange reserves increase to 587.566 billion Swiss francs in April

    The Swiss National Bank's (SNB) foreign exchange reserves increased to 587.566 billion Swiss francs in April from 576.479 billion francs in March. The data could mean that the central bank the central bank may have intervened in the foreign exchange market.

    The SNB declined to comment.

  • 3 May 2016, 08:44
    Swiss National Bank President Thomas Jordan: the Swiss franc remains significantly overvalued

    The Swiss National Bank (SNB) President Thomas Jordan said in a speech on Monday that the Swiss franc remained significantly overvalued. He also said that the central bank's monetary policy helped "to stabilise price developments and support economic activity".

    "The SNB will continue to make the most of the latitude afforded by monetary sovereignty to respond pragmatically to the challenges ahead," he noted.

    "However, monetary policy cannot remedy all economic ills, especially those of a structural nature," Jordan added.

  • 29 April 2016, 11:59
    Swiss National Bank Chairman Thomas Jordan: inflation in Switzerland remains negative

    The Swiss National Bank (SNB) Chairman Thomas Jordan said in a speech on Friday that inflation in Switzerland remained negative, driven by a stronger Swiss franc and a decline in oil prices. He added that inflation was expected to be positive in 2017.

  • 17 March 2016, 10:54
    Swiss National Bank keeps its rates steady at -0.75% in March, but it downgrades its economic growth and inflation forecasts

    The Swiss National Bank (SNB) released its interest rate decision on Thursday. The central bank kept the rates on sight deposits at minus 0.75% and said that the bank will remain active in the forex market if needed.

    The SNB noted that the Swiss franc was still significantly overvalued.

    Inflation was downgraded to -0.8% in 2016 from the previous forecast of -0.5%. The central bank expects inflation to be 0.1% in 2017, down from the previous forecast of 0.3%.

    The downward revision was driven by a further decline in oil prices.

    The central bank noted that global economic outlook deteriorated slightly in recent months.

    According to the central bank, the central bank's assessment of the global economic outlook was less favourable than in December.

    The SNB said that the Swiss economy to expanded "just under" 1% in 2015. The central bank expect the Swiss economy to grow between 1% and 1.5%, down from its previous estimate of 1.5%.

  • 23 February 2016, 13:49
    Swiss National Bank Chairman Thomas Jordan: the options of the monetary policy are not unlimited

    The Swiss National Bank (SNB) Chairman Thomas Jordan said in Frankfurt on Tuesday that the options of the monetary policy were not unlimited.

    "Despite the expanded set of instruments available, the extent of the monetary policy can achieve is not unlimited," he said.

    "The effects of monetary policy measures can wane with duration and dosage, especially when the solution to structural problems lies in adjustments to economic policy," Jordan noted, adding that "central banks must continually weigh the short-term benefits against long-term costs".

    He pointed out that the Swiss franc was still overvalued.

  • 11 February 2016, 14:51
    Swiss National Bank Chairman Thomas Jordan: the central bank could cut its interest rates further

    The Swiss National Bank (SNB) Chairman Thomas Jordan said in an interview on Thursday that the central bank could cut its interest rates further.

    "At present we are monitoring the situation closely. We do not rule out anything," he said.

    Jordan pointed out that the SNB was ready to intervene in the foreign exchange market if needed.

    He also said that Swiss currency was overvalued.

  • 2 February 2016, 17:10
    Swiss National Bank Chairman Thomas Jordan: the Swiss franc remained significantly overvalued

    The Swiss National Bank (SNB) Chairman Thomas Jordan said in a speech on Tuesday that the Swiss franc remained significantly overvalued. He added that the central bank was ready to intervene in the foreign exchange market if needed.

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