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Jordan to step down as SNB Chairman at end of September

  • The SNB Chairman Thomas Jordan has announced he will step down at the end of September.
  • This will make Jordan's last monpol meeting 26 September and since the SNB only holds quarterly monpol meetings there should be plenty of time to get a replacement in for Jordan in place in time for the following meeting on 12 December.
  • Although there are 3 members of the SNB Executive Board, the setup of the SNB gives the Chairman a lot more influence over monpol than with other central banks.
  • There is not much reasoning in the statement to explain his early departure and the SNB has expressed that it "greatly regrets" Jordan's decision. Some point to Credit Suisse's issues as a potential catalyst, although we can't be certain, especially with the decision seemingly driven by Jordan, not the SNB.
  • Jordan's term hadn't been due to end until 2027.
  • The full press release is available here.

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