Swiss National Bank (SNB) Chairman Thomas Jordan is addressing a press conference after the central bank announced a 50 basis points (bps) rate hike, lifting the key rate to 1.50% in the March quarter.

Key takeaways

“Taking a risk on a Credit Suisse bankruptcy would have been irresponsible.”

“Our liquidity measures are not gifts.”

“Measures taken by the federal government, FINMA and SNB have put a halt to the crisis.”

“We raising rates to counter the renewed increase in inflationary pressure.“

“Further rate rises cannot be ruled out to ensure price stability.”

“Are also willing to be active in forex markets; recent focus has been on selling forex.”

“Swiss inflation is still clearly above the range for price stability.“

“Inflationary pressure has risen since December.”

“In Q4 2022 SNB sold forex worth around 27 billion Francs.”

“We will sell forex in the future and also remain willing to buy to counter excessive appreciation pressure on Franc.”

Market reaction

USD/CHF consolidates losses near 0.9135 on the above comments, shedding 0.45% on the day.