Vice Chairman of the Swiss National Bank (SNB) Martin Schlegel said on Monday that while inflation in Switzerland is low relative to other countries, it is not irrelevant, reported Reuters. Moreover, Schelgel said that the high nominal value of the franc has dampened inflation in Switzerland and the nominal value has risen, but in real terms, it has been flat.

In a set of slides shown by the Vice Chairman, it said the SNB will maintain expansive monetary policy in order to secure price stability and support the domestic economy. Schlegel said that he thinks energy prices won't rise as quickly as they have recently and supply chain problems won't persist.