IMF backs Swiss cap on franc, overall economic stability plan

BERN, SWITZERLAND – The International Monetary Fund (IMF), in a preliminary report on Switzerland, said Monday 18 March that the country’s economic stability plan is working, and that it supports the continuing Swiss National Bank policy of capping the Swiss franc at euros 1.20. The IMF carried out its annual evaluation of Swiss fiscal and […]

Swiss National Bank will maintain franc against euro risks

GENEVA, SWITZERLAND – The Swiss National Bank vowed Thursday 15 March to maintain the franc’s exchange rate against the euro, saying that the appreciation of the national currency could have serious repercussions on the country’s economy. The Zurich-based monetary institution says it will continue to defend the franc in the existing “currency war”, by maintaining […]

UK transport ticket prices rise today

GENEVA, SWITZERLAND – Add a little more to your budget for travel in the UK, starting 2 January, with the price of rail, bus and tram tickets rising. Season ticket prices are up 4.3 percent and regular tickets 3.9 percent. The Guardian reports that commuters’ transport costs have risen 50 percent in the past decade, […]

Argentina responds to IMF pressure at UN

GENEVA, SWITZERLAND – Argentina’s president Cristina Fernandez de Kirchner rejected criticism by the International Monetary Fund of her government’s presentation of economic statistics, saying the country would not submit to threats. The Argentinian leader spoke Tuesday 25 October at the United Nations General Assembly a day after IMF chief Christine Lagarde warned that Argentina could […]

Swiss central bank holds steady on franc, economy forecast down

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ZURICH, SWITZERLAND – The Swiss National Bank (SNB) has lowered its forecast for economic growth from 1.5 percent in June to 1.0 percent, citing a number of factors. It also says it will continue to keep the Swiss franc exchange rate cap at CHF1.20/euro. There is no threat of inflation in the foreseeable future, with […]

Swiss unemployment down in April, consumer prices edge up

GENEVA, SWITZERLAND – Swiss unemployment continued its downward slide in April, down to 3.1 percent from 3.2 percent in March and the 3.4 percent seen in January, the Secretariat for the Economy, Seco, reported Monday 7 May. Geneva’s unemployment rate, the highest amongst all Swiss cantons, was at 5.2 percent in April, slightly down from […]

New central bank head forceful on maintaining franc cap

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ZURICH, SWITZERLAND – The Swiss central bank does not see any risk of inflation for Switzerland in coming months, nor any need to reduce the level of liquidity. However, distortions in the mortgage and real estate market could increase and the Swiss government will soon look at the possible need to intervene. Thomas Jordan, vice […]

Swiss economy: Nov. inflation down, retails sales up, unemployment higher

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NEUCHATEL, SWITZERLAND – Swiss prices fell at an annual rate of 0.7 percent in 2011, show figures published Monday 9 January by the Swiss Statistical Office. The November inflation rate was -0.5 percent. Full-year consumer price index figures will be available in a month. Retails sales figures for November 2011 were also published Monday and […]

Swiss central bank keeps to CHF1.20/euro, lowers growth & inflation forecasts (update)

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Updated 10:20  ZURICH, SWITZERLAND – The Swiss National Bank is keeping its promise to “enforce the minimum exchange rate of CHF1.20 per euro with the utmost determination”, including buying unlimited quantities of foreign currency if necessary, it said Thursday morning 15 December in an assessment of Switzerland’s monetary policy. “Even at the current rate, the […]

Swiss economy: UBS lowers growth forecast, Richemond soars, CFF cuts back

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Swiss trains improve punctuality: 91.5% on time GENEVA, SWITZERLAND – Switzerland’s economic picture Wednesday 7 September is mixed, with UBS lowering its 2012 GDP (gross domestic product) growth forecast to 1.3 percent, while luxury goods company Richemond presents first-half 2011 figures showing a XX percent jump in profits and the CFF rail company saying it […]