SNB Chairman Jordan: Strong franc influences inflation outlook
Published: Wednesday, Jan 17th 2024, 15:51
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The appreciation of the Swiss franc has increased significantly in recent weeks. So much so that it is influencing the inflation outlook of the Swiss National Bank (SNB).
"The big difference now is that the Swiss franc has appreciated, especially in the last week of last year," SNB Chairman Thomas Jordan told Bloomberg TV at the World Economic Forum (WEF) on Wednesday. The appreciation of the franc is now real and no longer just nominal.
"This has already had a certain impact - the inflation outlook has weakened," said Jordan. At its next monetary policy assessment, the SNB will now take into account currency developments that go beyond the previously observed nominal increase.
"For a long time, we mainly had a nominal appreciation - that was very helpful because it protected us from inflationary pressure from abroad," Jordan continued. "In the last few weeks of last year, we experienced a real appreciation. This makes the situation more difficult for some of our companies."
Jordan refused to be drawn on the next interest rate moves: "At the moment, it looks as if we have appropriate monetary conditions," he said. But he added: "That could change."
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