(MENAFN- Swissinfo)
Swiss National bank President Thomas Jordan said that officials are“relatively comfortable” with the country's inflation prospects, Le Temps reported, citing an interview.
This content was published on
July 8, 2024 - 09:11
2 minutes
Bloomberg
Do you want to read our weekly top stories? Subscribe here .
A day after data showed annual consumer price growth unexpectedly weakened in June, the remarks from the central bank's outgoing chief highlight that policymakers increasingly view the risks there to be relatively benign.
“All our models show inflation converging in the medium term at around 1% at constant exchange rates,” said Jordan.
+ When Swiss inflation hit a 30-year high
“We're seeing fewer so-called second-round effects, which leads us to believe that we're heading that way. The strength of the franc also reduces risk of inflation. It's important to continue monitoring the situation, but for the moment it's relatively comfortable.”
Jordan, who will be succeeded by Vice President Martin Schlegel in October, spoke just weeks since the SNB delivered a second consecutive cut in the interest rate, and days before a runoff in French elections - an event that last month led to strengthening in the franc amid safe-haven flows.
Asked on whether he is concerned about another surge in the currency, Jordan acknowledged that the exchange rate has“an influence on monetary conditions in Switzerland.”
“Political uncertainty, in Europe and elsewhere, can have an impact on the Swiss franc, which is a safe-haven asset,” he said.“This is something we need to take into consideration” and“as we've already proven, we're also ready to intervene on the foreign exchange market if necessary. Only if necessary.”
More
More
Explainer: how Switzerland is dealing with rising prices
This content was published on
Sep 22, 2022
Inflation is comparatively moderate in Switzerland, but rising energy and food prices are putting a strain on small budgets.
Read more: Explainer: how Switzerland is dealing with rising price
External Content
Your subscription could not be saved. Please try again.
Almost finished... We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.
Daily news
Get the most important news from Switzerland in your inbox.
Daily
Email
The SBC Privacy Policy provides additional information on how your data is processed.
I consent to the use of my data for the SWI swissinfo newsletter.
Popular Stories
More
Foreign affairs
Magnitsky case: How Switzerland failed to investigate Russian millions
Read more: Magnitsky case: How Switzerland failed to investigate Russian millions
More
Alpine Environment
How Switzerland is trying to defeat extreme weather events
Read more: How Switzerland is trying to defeat extreme weather events
More
Life & Aging
Swiss discover a love of camping – but at what price?
Read more: Swiss discover a love of camping – but at what price
More
Swiss Abroad
Switzerland Today
Read more: Switzerland Toda
More
Alpine Environment
Swiss storm fatalities double to four
Read more: Swiss storm fatalities double to fou
Most Discussed
MENAFN08072024000210011054ID1108416234
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.