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SNB will not hesitate to adjust policy if price stability comes under threat, Schlegel says
October’s higher-than-expected inflation reading points to increased price pressures, Swiss National Bank Chairman Martin Schlegel said on Wednesday. Should price stability come under threat, the central bank would not hesitate to adjust policy, Schlegel added.
Schlegel highlights inflation risks and policy readiness
Inflation in Switzerland climbed, October figure exceeded expectations.
No major second-round effects so far, but can't be excluded later.
Central bank won’t hesitate to modify policy if price stability is endangered.
Central bank will monitor situation closely, especially for second-round inflation effects.
Swiss franc shows no response to Schlegel’s remarks
The Swiss franc (CHF) showed no reaction to SNB Chairman Schlegel’s remarks. USD/CHF is trading around 0.8165 at the time of writing, down 0.53%.
SNB: frequently asked questions
Switzerland’s central bank, the Swiss National Bank (SNB), operates independently with a mandate to safeguard price stability over the medium and long term. It pursues this objective by maintaining appropriate monetary conditions, determined by interest rate levels and exchange rates. The SNB defines price stability as an annual increase of less than 2% in the Swiss Consumer Price Index (CPI).
Guided by its price stability objective, the Swiss National Bank (SNB) Governing Board sets the appropriate policy rate. If inflation exceeds its target, or is expected to do so in the foreseeable future, the bank seeks to curb excessive price rises by increasing that rate. By lifting yields and making Switzerland more attractive to investors, higher interest rates generally support the Swiss franc (CHF). Lower rates, by contrast, tend to weaken CHF.
The Swiss National Bank (SNB) regularly intervenes in the foreign exchange market to prevent excessive appreciation of the Swiss franc (CHF) against other currencies. Switzerland’s substantial export sector becomes less competitive when CHF is strong. To restrain the franc’s gains against the euro, the SNB maintained a peg to the Euro between 2011 and 2015. Its sizeable foreign exchange reserves enable market intervention, typically through purchases of foreign currencies such as the US dollar or the euro. When inflation is high, particularly as a result of energy costs, the SNB holds back from intervention: a stronger CHF reduces the cost of energy imports, softening the price shock for Swiss households and businesses.
Monetary policy assessments take place at the SNB’s quarterly meetings in March, June, September and December. Following each assessment, the bank announces a monetary policy decision and publishes a medium-term inflation forecast.
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