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 […]

G-20 invites Switzerland to finance meetings for first time

BERN, SWITZERLAND – The G20 nations, the world’s most important industrialized and developing economies, will be joined by Switzerland for four meetings in 2013 of finance ministers and central bank governors. It is the first time Switzerland, which is not a G20 member, will be taking part. Russia has the G20 presidency this year and has […]

Swiss franc cap to remain, low interest rates to continue holding pattern (update)

Big bank shares fall on Jordan’s call for more capital ZURICH, SWITZERLAND – The Swiss franc cap of CHF1.20 to the euro will remain and the central bank will continue “to enforce it with the utmost determination”, Thomas Jordan, Swiss National Bank chairman, told a press conference Thursday 14 June. Jordan offered no real surprises, […]

Swiss central bank tightens staff rules, selects new chairman

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New chairman not yet named, but expected Wednesday morning ZURICH, SWITZERLAND – The Swiss National Bank governors meeting in Zurich Wednesday 18 April are expected to name a new chairman to lead the central bank. Zurich media rumours fed by newspaper NZZ have had it for the past two weeks that Thomas Jordan, acting chairman, […]

Swiss central bank to maintain interest rates, CHF1.20/euro cap

Swiss National Bank says its policy is paying off, expects 1% growth as economy stabilizes ZURICH, SWITZERLAND – The Swiss National Bank Thursday 15 March issued a relatively optimistic quarterly report despite the Ides of March date. It confirmed that it is maintaining its CHF1.20 to the euro exchange rate cap, and is keeping in […]

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 central bank after Hildebrand: continuity is the word, Hildebrand’s wife apologizes

TSR Wednesday evening ran an interview with Kashya Hildebrand from Italian TV, where she apologized to Switzerland and her husband BERN / ZURICH, SWITZERLAND – Swiss political and economic circles were still abuzz Wednesday 11 January with the fallout from the resignation Monday of Philipp Hildebrand as chairman of the Swiss National Bank. New developments: […]

Hildebrand takes on top job at Swiss central bank

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Zurich, Switzerland (GenevaLunch) – Philipp Hildrebrand, age 46, 8 April was named chairman of the Governing Board of the Swiss National Bank (SNB), effective 2010, taking charge at that point of the SNB’s Department I, with responsibility for economic affairs, international affairs, legal and property services, and support functions. He will take over from Jean-Pierre […]

Swiss National Bank governor says Swiss recession in 2009 “unavoidable”

Zurich, Switzerland (GenevaLunch) – Thomas Jordan, a member of the governing board of the Swiss National Bank (SNB), said Thursday in a speech Thursday that Switzerland cannot avoid a recession in 2009, but he added that clear monetary, fiscal and business decisions can reinforce Switzerland’s structural strengths and help the country weather the economic storm. […]