Swiss National Bank governing board member Andrea Maechler said on Thursday, “tension on the financial markets has markedly increased following the collapse of Silicon Valley Bank.” "US dollar liquidity is particularly sought after," added Maechler, in remarks prepared after the SNB’s 50 bps rate hike decision.
The Swiss National Bank (SNB) has hiked the key deposit rate by 50 basis points to 1.50%. Economists at Commerzbank expect a further 25 bps increase in the key interest rate in June.
Swiss National Bank (SNB) Chairman Thomas Jordan is addressing a press conference after the central bank announced a 50 basis points (bps) rate hike, lifting the key rate to 1.50% in the March quarter.
The Swiss National Bank (SNB) announced on Thursday that it left the interest rate on sight deposits unchanged at -0.75% as expected. In its policy statement, the SNB reiterated it remains willing to intervene in the foreign exchange market as necessary to counter the upward pressure on the Swiss franc.
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.
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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).
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.