Following the Swiss National Bank’s (SNB) decision to raise its policy rate by 50 basis points on Thursday, President Thomas Jordan has signaled that the Swiss franc was no longer highly valued due to recent depreciationas reported by Reuters.
Additional comments
“The tightening of monetary policy is aimed at prevent the spread of inflation more widely in Switzerland“.
“Without today’s interest rate hike, projected inflation would be much higher.”
“There are signs that inflation is spreading to goods and services unaffected by Ukraine and the pandemic.”
“Price hikes are moving faster and more easily accepted than in the past“.
“There is a risk of second-round effects if inflation stays above 2% for a long time.”
“The central bank is ready to intervene in the markets to control the excessive appreciation or weakening of the Swiss franc“.
Source: Fx Street
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