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Q&A Continues - Questions on the Inflation Target, Current FX Approach:

SNB

Q: On the inflation forecast, can we infer any preference of you towards inflation being in a certain part of the price stability range?

  • A: No, we are not targeting that. We explicitly do not target a certain inflation rate, we rather want to ensure price stability, which means below 2% for us.

Q: You've said FX interventions are not the focus currently - is there one direction to which FX intervention is more likely than the other, given CHF depreciation recently?

  • A: At the moment, neither FX selling nor buying is in the focus. As we mentioned, we keep the option open to intervene as necessary but we do not have a clear direction of intervention right now. What we think is important in this context are also wage developments. We think wage growth is very compatible with our inflation targets in Switzerland.
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