FX

The Swiss National Bank (SNB) Chairman Thomas Jordan made some comments on the monetary policy outlook and exchange rate value, in an interview with Swiss daily Neue Zuercher Zeitung on Saturday.

Key quotes

“The franc remains highly valued.”

“Inflation is only slightly above zero.”

“Productive capacities are not fully utilized in Switzerland.”

“Against this background, it would be completely premature to start reducing the balance sheet and tighten monetary conditions.”

“It would be wrong to now signal to the world that the SNB is the first central bank considering a restrictive policy.”

“The size of the balance sheet is not a problem.”

“We can even expand the balance sheet further if that is necessary.”

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