FOREX TradingCharts.com

Financial News: Swiss Central Bank Leaves Monetary Policy Unchanged

Swiss Central Bank Leaves Monetary Policy Unchanged

09/23/2021 - 06:46:00 (RTTNews)

(RTTNews) - The Swiss National Bank left its expansionary monetary policy unchanged on Thursday, in order to ensure price stability and underpin economic recovery from the coronavirus-driven downturn.

Policymakers of the central bank decided to retain the policy rate and interest on sight deposits at the SNB at -0.75 percent.

The bank reiterated that it is willing to intervene in the foreign exchange market as necessary, in order to counter upward pressure on the Swiss franc. The bank repeated that the Swiss franc remains highly valued.

The Bank's laser-like focus on the exchange rate means that it is unlikely to raise interest rates before the European Central Bank, and so well beyond the end of our forecast horizon, David Oxley, an economist at Capital Economics, said.

Citing higher prices for oil products as well as for goods affected by supply bottlenecks, the bank raised its inflation forecast. The inflation forecast for 2021 was upgraded to 0.5 from 0.4 percent and that for 2022 to 0.7 percent from 0.6 percent. Inflation is seen at 0.6 percent in 2023, unchanged from the prior estimate.

On economic activity, the bank observed that momentum has slowed somewhat. The SNB expects GDP growth of around 3 percent for 2021. In June, the SNB had assumed a higher growth of around 3.5 percent.

The downward revision is primarily attributable to the development of consumer-related industries such as the trade industry and hospitality, which performed less dynamically than expected.

Regarding mortgage lending and property prices, the bank said the vulnerability of the mortgage and real estate markets has increased further.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Czech Producer Prices Rise In September (02 hr(s), 04 min(s), 31 sec(s) ago)
(RTTNews) - Czech's producer prices increased in September, figures from the Czech Statistical ...Full Story»

China GDP Climbs 4.9% On Year In Q3 (07 min(s), 29 sec(s) ago)
(RTTNews) - China's gross domestic product expanded 4.9 percent on year in the third quarter o ...Full Story»

Singapore Non-Oil Domestic Exports Rise Just 1.2% In September (05 min(s), 29 sec(s) ago)
(RTTNews) - The total value of Singapore's non-oil domestic exports was up a seasonally adjust ...Full Story»

New Zealand Service Index Improves To 46.9 In September - BusinessNZ (52 min(s), 29 sec(s) ago)
(RTTNews) - The service sector in New Zealand continued to contract in September, albeit at a much ...Full Story»

China GDP Data On Tap For Monday (22 min(s), 29 sec(s) ago)
(RTTNews) - China is scheduled to release a raft of data on Monday, highlighting a busy day for As ...Full Story»

New Zealand Consumer Prices Jump 4.9% On Year In Q3 (14 min(s), 29 sec(s) ago)
(RTTNews) - Consumer prices in New Zealand were up 4.9 percent on year in the third quarter of 202 ...Full Story»

Finland GDP Growth Slows In August (10 min(s), 29 sec(s) ago)
(RTTNews) - Finland's economic output growth eased in August, data from Statistics Finland sho ...Full Story»

U.S. Business Inventories Increase In Line With Estimates In August (10 min(s), 29 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Friday showed U.S. business inventorie ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Czech Producer Prices Rise In September

10/18/2021 - 04:33 AM (RTTNews)
(RTTNews) - Czech's producer prices increased in September, figures from the Czech Statistical ...Full Story>>

China GDP Climbs 4.9% On Year In Q3

10/17/2021 - 22:45 PM (RTTNews)
(RTTNews) - China's gross domestic product expanded 4.9 percent on year in the third quarter o ...Full Story>>

Singapore Non-Oil Domestic Exports Rise Just 1.2% In September

10/17/2021 - 20:43 PM (RTTNews)
(RTTNews) - The total value of Singapore's non-oil domestic exports was up a seasonally adjust ...Full Story>>

New Zealand Service Index Improves To 46.9 In September - BusinessNZ

10/17/2021 - 18:30 PM (RTTNews)
(RTTNews) - The service sector in New Zealand continued to contract in September, albeit at a much ...Full Story>>

China GDP Data On Tap For Monday

10/17/2021 - 18:00 PM (RTTNews)
(RTTNews) - China is scheduled to release a raft of data on Monday, highlighting a busy day for As ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.