SNB - Swiss National Bank

Fritz Zurbruegg, one of the Swiss National Bank Governing Board members, has indicated that the franc ceiling is an extreme measure that opens the economy to considerable risks...

The sterling pound advanced against most of its major counterparts after the Swiss National Bank indicated that it has boosted the amount of pounds in its foreign-exchange reserves. The pound advanced against the greenback for the second day as speculation the Bank of England will refrain from making additional stimulus rose in the market...

Last month, the Swiss National Bank was involved in a feud with the Standard and Poor’s rating company, after the rating company claimed that the continued program of buying euros by the SNB has led to the widening yield spread or interest rate differentials in Europe...

Thomas Jordan, the Swiss National Bank Chairman, yesterday gave a candid statement on SNB’s commitment to holding the franc ceiling that was introduced on September 6, 2011. Jordan indicated that policy makers at SNB are ready to intervene at any time should the franc strengthen against the euro...

The Swiss National Bank Governor Thomas Jordan has been seen making efforts to widen high fight to protect economy beyond currency markets. He is considering how the central bank can be involved in curbing the booming property market in the country...

The Swiss National Bank’s foreign currency reserves swelled in July by 11.3 percent to reach a record high of 406.5 billion Swiss Francs according to a statement in the Swiss National Bank website. This pushed the foreign currency reserve to 71 percent of the country’s GDP...

The European Central Bank cut its benchmark interest rate to 0.75 percent from 1 percent as predicted while it dropped the deposit rate to zero percent. Moments after the announcement, the euro dropped against major currencies, retracting its gains last week....

The debt crisis in Europe has had a tremendous effect on world currencies as governments and traders try to go through this without making losses. The crisis has led to the strengthening of the Swiss Franc against euro and SNB President Thomas Jordan is cautious on the effect it might have on the cap introduced to curb such strengthening. The week started with Swiss National Bank President indicating that the government is considering the capital controls as a possible measure to stop the country’s currency from advancing against the euro due to the debt crisis in the euro area. 

The Swiss government has endorsed the Swiss National Bank Interim Chairman Thomas Jordan as the new SNB president. This announcement was given yesterday after the policy makers met to discuss the issue. The Swiss franc fell against the euro after this announcement.  

Policy makers may choose the current Swiss National Bank Interim Chairman Thomas Jordan as the new SNB president after discussions that are supposed to be held today. According to some sources in the country, the Swiss Government may appoint him as soon as today.