Swiss central bank ready for more measures to fight inflation, says president

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The Swiss National Bank (SNB) is ready to take more steps to fight inflation, despite price increases in Switzerland being relatively modest compared to its international peers, SNB President Thomas Jordan said. this Friday (23).

Swiss inflation reached 3.5% in August, its highest level in nearly 30 years, although much lower than the 9.1% seen in the eurozone, 9.9% in the UK and 8.3% in the US.

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The SNB responded on Thursday (22) by raising its benchmark rate to 0.5%, ending an almost 8-year era of negative interest rates.

The central bank may raise borrowing costs again to fight inflation and ensure price stability, which Jordan sees as the SNB’s top priority.

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“Ensuring price stability is a challenge and requires the SNB’s full attention,” Jordan said.

“It cannot be ruled out that further increases in the SNB base rate will be necessary to ensure price stability in the medium term,” he added, repeating his message from Thursday.

Economists expect the SNB to raise its interest rate again in December and March 2023.

Source: CNN Brasil

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