Swiss National Bank (SNB) Chairman Jordan said on Wednesday that inflation data shows they need to tighten monetary policy but noted that it was unclear when they would take that step, as reported by Reuters. Jordan further added that they may need to raise rates again.
SNB hikes by 50 bps unexpectedly amid inflation fears
Swiss National Bank Latest Moves
In its latest quarterly monetary policy assessment, the Swiss National Bank (SNB) hiked its benchmark sight deposit interest rate to -0.25% from -0.75% previous. The SNB surprised markets to the upside by raising the key rates by 50 bps, in an unprecedented move.
Following the Swiss National Bank's (SNB) decision to hike its policy rate by 50 basis points on Thursday, Chairman Thomas Jordan noted that the Swiss franc was no longer highly valued because of the recent depreciation, per Reuters.
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April SNB MEETING REVIEW
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.
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.