SNB Chairman Jordan: “Uncertainty is Elevated”

SNB Chairman Jordan: “Uncertainty is Elevated”

Fri, Apr 26th 2024

Chairman Thomas J. Jordan reviews the SNB’s proactive measures to combat inflation and stabilise the economy during turbulent times.

KEYSTONE/Anthony Anex

During the Swiss National Bank’s 116th Ordinary General Meeting, Chairman Thomas J. Jordan delivered his final speech, reflecting on the bank’s vigilant response to fluctuating inflation since the COVID-19 pandemic.

In the current environment, uncertainty remains elevated, and new shocks can occur at any time.

Thomas J. Jordan

This underscores the potential for abrupt economic shifts. He affirmed the SNB’s commitment to closely monitor inflation developments and adjust monetary policy as necessary.

Highlighting the SNB’s early interventions relative to global counterparts, Jordan detailed the increases in the policy rate and adjustments in foreign exchange operations that have helped mitigate inflationary pressures in Switzerland.

Marked by the pandemic’s downturn and subsequent recovery phases, the SNB’s policies have aimed to shield the Swiss economy from severe impacts.

With Jordan’s departure set for September after over a decade at the helm, the SNB prepares for a potential leadership transition.

However, the steadfast approach to maintaining economic stability is expected to continue, with the SNB emphasising a flexible yet cautious strategy to navigate future uncertainties.

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