SNB's Jordan: Swiss franc rise tends to help rather than hurt

Swiss National Bank (SNB) Chairman Thomas Jordan said on Thursday that the appreciation of the Swiss franc tends to help the Swiss economy rather than hurt it, as reported by Reuters.

Additional takeaways

"We must ensure price stability over medium term."

"Exchange rates play a role in inflation, when big central banks act, this helps us."

"You should not be surprised that SNB acts independently."

"SNB decides monetary policy at regular meetings unless under severe time pressure."

"No decision yet on what to decide at September 22 policy meeting."

"Next step depends on analysis under way, need to gauge inflationary pressure, exchange rates."

"Uncertainty about inflation much higher than usual, can't say have reached peak."

"Severe gas shortages could fuel inflation."

"Price stability is our mandate, of course need to keep impact of policy on economy in mind as well."

"Experience shows it was costly to fight inflation, more costly not to fight inflation at the start."

"Real effective exchange rate of franc has been astoundingly stable."

Market reaction

USD/CHF edged lower after these comments and was last seen losing 0.5% on the day at 0.9715.