Thomas Jordan, the Governor of the Swiss National Bank, is not the most popular person for forex traders nor forex brokers. On January 15th, 2015, the SNB pulled the rug, or the floor, under EUR/CHF that it had defended for over three years. The surprising move caused a sharp and violent fall in the price, liquidating traders' accounts and sending some brokers under the bus as well.
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SNB keeps key rate on-hold at -0.75%
The Swiss National Bank (SNB) left the sight deposit rate unadjusted at -0.75% at its quarterly monetary assessment held today, while the central bank maintains the 3-Month Libor Target Range is held steady between -1.25% to -0.25%, as widely expected.
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.