SNB: The situation on the foreign exchange market continues to be fragile


Reuters is out with the key headlines from the Swiss National Bank (SNB) monetary policy assessment.

Signs from the global economy remain mixed.

Due to the strong price increases in recent years and growing vacancy rates, there is the risk of a correction in this segment in particular.

Mortgage lending and prices for single-family homes and privately-owned apartments continued to rise slightly in recent quarters.

Imbalances persist on the mortgage and real estate markets.

The SNB will seek to keep the secured short-term Swiss franc money market rates close to the SNB policy rate.

The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market as necessary remain essential in order to keep the attractiveness of Swiss franc investments low and thus ease pressure on the currency.

The SNB’s monetary policy thus remains as expansionary as before.

The situation on the foreign exchange market continues to be fragile.

Introduces SNB policy rate that replaces target range for 3-month Libor.

That rate stands at -0.75%..

SNB sees 2019 GDP growth forecast at around 1.5% (unchanged).

SNB sees 2019 CPI at 0.6% (previously 0.3%).

SNB sees 2020 CPI at 0.7% (previously 0.6%).

SNB sees 2021 CPI at 1.1% (previously 1.2%).

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