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Notable Questions to Martin Schlegel on Inflation / FX Policy at the SNB:

SNB

Q: On inflation dynamics. You mentioned that inflation coming down was mainly due to CHF appreciation, and imported inflation being very low. Domestic inflation remains elevated, however - are you concerned about that?

  • A: Our forecasts are subject to uncertainty, but generally it is looking much better now than recently. We are asking ourselves, if our policy rate is appropriate currently, and decided accordingly.
Q: How strong was the urge to not ease monetary policy through the policy rate but through FX policy?
  • A: In case we feel it is necessary to intervene on FX markets, we do not hesitate to do so. We are just saying we don't have a clear target mid-term to increase or decrease our FX reserves, but if we feel it is appropriate to sell or buy FX short-term, we will continue to do so.
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