SNB Chairman Schlegel says upward pressure on the CHF has increase once again, uncertainty about inflation and economic development is elevated; SNB willingness to intervene in FX market has increased

CHF

• CHF is 2.5% firmer on trade-weighted basis since December.
• CHF is sought as a haven during times of uncertainty.
• Upward pressure on the CHF has increased once again.
• Rise in CHF poses risks to price stability.

INFLATION

• Medium-term inflationary pressure, however, has remained virtually unchanged since the last monetary policy assessment.

POLICY

• Will continue to monitor the situation closely and adjust our monetary policy if necessary, in order to ensure price stability over the medium term.