SNB maintains its Policy rate at 0.00% as expected; prepared to intervene in currency markets to country currency appreciation if needed; "willingness to intervene in the foreign exchange market has increased"

CHF

• SNB counters a rapid and excessive appreciation of the CHF, which would jeopardize domestic price stability.
• SNB's willingness to intervene in the foreign exchange market has increased. 

OUTLOOK

• Economic outlook in the coming months is uncertain.
• The SNB will continue to monitor the situation closely and adjust its monetary policy if necessary, in order to ensure price stability over the medium term.

MIDDLE EAST

• The global economic outlook is subject to significant risks, in particular owing to the situation in the Middle East.
• In its baseline scenario, the SNB anticipates that the increase in energy prices will raise inflation in many countries in the short term. Furthermore, global economic growth is likely to temporarily slow somewhat.

INFLATION

• The conditional inflation forecast for the coming quarters is higher than in December due to the rise in energy prices.
• With the rise in energy prices due to the escalation in the Middle East, inflation is likely to increase more strongly in the coming quarters.
• The conditional inflation forecast in the short term is higher than in December. In the medium term, it is slightly lower due to the stronger Swiss franc.

FORECASTS