SNB’s Schlegel: Policy rate remains our primary policy tool

The policy rate remains the Swiss National Bank (SNB)’s primary instrument, Chairman Martin Schlegel said on Thursday. He was speaking at a conference in Zurich in an address titled “Transmission and conduct of monetary policy in Switzerland”.

Policy highlights

Alongside its primary instrument, the policy rate, SNB uses additional measures such as foreign exchange intervention when needed.

So far this century, SNB has achieved its price stability objective.

Across a wide range of conditions, our monetary policy strategy remains effective.

Compared with other currencies, the Swiss franc has relatively strong safe-haven characteristics.

External economic shocks pose a high level of exposure for Switzerland.

Forward guidance is not an approach SNB believes in using.

To combat inflation in future, we have the appropriate tools.

We currently see no broadening of price pressures in Switzerland.

Fuel and energy account for most of the inflation currently seen in Switzerland.

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

Swiss Franc: Today’s Currency Performance

The Swiss franc performed best against the Canadian dollar today. The table below sets out today’s percentage changes in the Swiss franc (CHF) against the major currencies listed.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.10%	0.04%	0.00%	0.13%	0.06%	-0.03%	0.14%
EUR	-0.10%		-0.05%	-0.12%	0.03%	-0.04%	-0.14%	0.03%
GBP	-0.04%	0.05%		-0.06%	0.08%	0.00%	-0.08%	0.08%
JPY	0.00%	0.12%	0.06%		0.14%	0.07%	-0.04%	0.14%
CAD	-0.13%	-0.03%	-0.08%	-0.14%		-0.07%	-0.17%	0.00%
AUD	-0.06%	0.04%	-0.01%	-0.07%	0.07%		-0.08%	0.07%
NZD	0.03%	0.14%	0.08%	0.04%	0.17%	0.08%		0.19%
CHF	-0.14%	-0.03%	-0.08%	-0.14%	-0.00%	-0.07%	-0.19%

Percentage changes between major currencies are displayed in the heat map. Select the base currency in the left-hand column and the quote currency in the top row. For instance, selecting the Swiss franc on the left and following its row across to the US dollar gives the percentage change for CHF (base)/USD (quote) in the corresponding cell.