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SNB chair says no rate change needed despite Iran risks

The SNB said inflation is comfortably within its 0% to 2% price stability range, while noting the Iran war poses uncertainty for future policy.

Reported · Written up by our desk · Central Banks

Swiss National Bank Vice Chairman Antoine Martin said the central bank sees no need to adjust monetary policy for now because inflation remains within the SNB's 0% to 2% price stability range, according to Reuters via FXStreet.

Martin cautioned that the economic outlook is subject to significant uncertainty, particularly due to geopolitical tensions tied to the ongoing war in Iran, which he said could complicate future monetary policy decisions.

He also described Switzerland's economy as performing very well and played down recent Swiss franc weakness, saying the franc has remained broadly stable since 2020 when adjusted for inflation.

FXStreet reported that Martin's comments did not move the market significantly, with USD/CHF trading around 0.8340 at the time of writing on Thursday, up 0.1% on the day.

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