The monetary policy objective takes precedence over profit generation or payments for governments and cantons, said the President of the Swiss National Bank (SNB), Thomas Jordan, while speaking at the central bank’s General Shareholders’ Meeting on Friday.
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“Carrying out a monetary policy that guarantees price stability with due regard to economic developments is … our goal, rather than generating a profit or making it possible to pay a distribution.”
“The SNB’s monetary policy mandate always takes precedence. And there may also be times when we have to accept losses to fulfill this mandate. “
“Instead, the central bank needed to sift more hard-earned money from its huge pile of currencies to prevent its capital from constantly shrinking.”
USD / CHF is trading below 0.9100
After testing 0.9100, USD / CHF has trimmed gains to now trade at 0.9090, still up 0.11% so far. Jordan’s comments had little to no impact on the Swiss franc.
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