Swiss National Bank (SNB) maintains no target for franc exchange rate, closely monitors it, and intervenes as needed; interest rate cut due to declining inflation pressure.
Swiss National Bank Vice President Martin Schlegel stated that the bank has no target for the franc exchange rate, maintaining its longstanding position. The SNB closely monitors the exchange rate and intervenes in the foreign-exchange market as necessary. The central bank's surprise interest rate cut last week was enabled by declining inflation pressure, allowing the policy rate to be reduced to 1.5%.
March 27, 2024
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