(Finance) – The Swiss central bank (SNB) maintained its expansionary monetary policy remained unchanged, leaves the key rate and the interest rate on sight deposits held in its accounts at –0.75%. “Own” has been confirmed willingness to intervene on the foreign exchange market if necessary to counter the upward pressure on the franc “. At the beginning of March, the currency broke parity with the euro for the first time since 2015.” In doing so, it takes into account the overall currency situation and the inflation differential with respect to abroad – he added – The franc still has a high valuation “.
According to the central bank, the Russian invasion of Ukraine has significantly increased uncertainty around the world and in this situation, it intends to continue to ensure price stability and support for the Swiss economy. In its new baseline scenario for the Swiss economy, the SNB expects GDP growth of around 2.5% this year, which is more contained than the last forecast.
L’inflation it has continued to rise in recent months, reaching 2.2% in February. The main reason for this increase was the significant increase in the price of petroleum products and of goods affected by supply difficulties. The institute’s new forecast stands at 2.1% for 2022, 0.9% for 2023 and 2024.
“In its baseline scenario for the world economy, the SNB assumes that energy prices will remain high for the time being, but that large economic areas will not face acute energy shortages – reads the note from the central bank – It is also expected that, despite the war in Ukraine, overall the recovery of the global economy will continue, albeit at a slightly slowed pace. Rising commodity prices will continue to drive inflation in the short term. ”