Swiss National Bank (SNB) Chairman Thomas Jordan said on Wednesday that the Swiss franc is a safe haven, and that negative interest rate policy (NIRP) and currency interventions remain necessary for the SNB to meet its mandate on inflation. Jordan added that the SNB is ready to intervene in the currency markets when necessary and that the SNB also takes into account the higher inflation rates abroad when setting policy.
SNB left rates unchanged amid COVID-19 emergency
Swiss National Bank Latest Moves
Swiss National Bank (SNB) Board Member Andrea Maechler said on Wednesday that the deterioration in consumer climate could weigh on the Swiss economy, as reported by Reuters. Maechler further noted that the strong Swiss franc will help Switzerland on the inflation front. "Even if market interest rates rise, we remain in an accommodative financial environment," she added.
The Swiss National Bank (SNB) will test indexing repurchase agreement (repo) transactions to its policy rate in the coming months, the central bank said in a statement on Tuesday. "Once the test operations have been completed, indexed repo transactions can be used as part of the SNB's monetary policy operations," the central bank said.
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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.