Commenting on the question about negative interest rates, the Swiss National Bank (SNB) Chairman Thomas Jordan said, “we're not big fans of negative interest rates but it is necessary, in an interview with RTS on Tuesday.
SNB left rates unchanged amid COVID-19 emergency
Swiss National Bank Latest Moves
SNB Chairman was out with some comments in the last hour, saying that the unprecedented expansion in the monetary base in recent years does not pose a particular threat to the stability of the Swiss franc's value.
Negative interest rate and willingness to intervene in the forex market allow the Swiss National Bank (SNB) to counteract attractiveness of Swiss franc investments, SNB Chairman Thomas Jordan said on Monday, as reported by Reuters. "In general, an overvalued Swiss franc can pose a problem for the financial industry too," Jordan added but noted that banks have been able to so far withstand the effects of the pandemic well.
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December SNB MEETING REVIEW
The Swiss National Bank (SNB) board members announced a no change to their monetary policy settings after it concluded the December quarter monetary policy assessment on Thursday. The SNB kept the key sight deposit rate steady at -0.75% while maintaining the 3-Month Libor Target Range steady between -1.25% to -0.25%, as widely expected.
SEPTEMBER SNB MEETING REVIEW
At its September quarter monetary policy assessment this Thursday, the Swiss National Bank (SNB) board members left the monetary policy settings unchanged. The SNB left the benchmark sight deposit rate unchanged at -0.75%.
JUNE SNB MEETING REVIEW
The Swiss National Bank (SNB) board members decided to leave the monetary policy settings unchanged at the end of its June quarter monetary policy assessment held this Thursday.
What is the SNB?
The Swiss National Bank conducts the country’s monetary policy as an independent central bank. It is obliged by the Constitution and by statute to act in accordance with the interests of the country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments. In so doing, it creates an appropriate environment for economic growth.
Who is SNB chair?
Thomas J. Jordan was born in Bienne, Switzerland in 1963. Thomas J. Jordan is a member of the Board of Directors of the Bank for International Settlements (BIS) in Basle and the Steering Committee of the Financial Stability Board (FSB). He is the Governor of the International Monetary Fund (IMF) for Switzerland, and also Chairman of the G10 Central Bank Counterfeit Deterrence Group (CBCDG).
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The World Interest Rates Table
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.