by Maechler was appointed to the SNB board in 2014. (Keystone/Marcel Bieri) The Swiss National Bank (SNB) has dismissed demands to increase its payout to help the economy cope with the costs of the coronavirus pandemic. Governing board member Andréa Maechler an additional financial contribution would counteract monetary policy. “We are already making our contribution to the efforts to cope with the crisis not only by intervening on the currency markets,” she told the Neue Zürcher Zeitung newspaper in a wide-ranging interview. She said Switzerland was experiencing a shock that is stronger than previously imagined but the role of the SNB was unchanged – to ensure the monetary conditions through interest rates and foreign exchange rates. Maechler said the CHF4 billion
Topics:
Swissinfo considers the following as important: 3.) Swiss Info, 3) Swiss Markets and News, Andrea Maechler, Featured, newsletter, Politics
This could be interesting, too:
Investec writes The Swiss houses that must be demolished
Claudio Grass writes The Case Against Fordism
Nachrichten Ticker - www.finanzen.ch writes Die Performance der Kryptowährungen in KW 9: Das hat sich bei Bitcoin, Ether & Co. getan
Nachrichten Ticker - www.finanzen.ch writes Wer verbirgt sich hinter der Ethereum-Technologie?
Maechler was appointed to the SNB board in 2014. (Keystone/Marcel Bieri)
The Swiss National Bank (SNB) has dismissed demands to increase its payout to help the economy cope with the costs of the coronavirus pandemic.
Governing board member Andréa Maechler an additional financial contribution would counteract monetary policy.
“We are already making our contribution to the efforts to cope with the crisis not only by intervening on the currency markets,” she told the Neue Zürcher Zeitung newspaper in a wide-ranging interview.
She said Switzerland was experiencing a shock that is stronger than previously imagined but the role of the SNB was unchanged – to ensure the monetary conditions through interest rates and foreign exchange rates.
Maechler said the CHF4 billion ($4.1 billion) payout to the Swiss government and the 26 cantons this year was the maximum the central bank could envisage. The bank made a surplus of about CHF49 billion in 2019.
A swift recovery of the Swiss economy is unlikely, according to her.
“Social distancing rules, higher debts and higher unemployment rates as well as lower salaries will mean that more time is needed for the economy to recover,” she said.
Maechlerexternal link, one of three members of the central bank’s directorate, said the SNB did not fear an inflation or a deflationary spiral in Switzerland despite pressure from the strong Swiss franc and a shock in oil prices.
You Might Also Like
SNB’s swollen balance-sheet poses risk to ‘credibility’
When the Swiss National Bank (SNB) followed last year’s $50 billion (CHF48.6 billion) profit with a record $39 billion first-quarter loss, it was a stark illustration of the volatility created by a decade of unconventional monetary policy.
Signatures collected for vote on tax deduction for parents
Opponents of a proposal to increase tax deductions for parents have succeeded in collecting enough signatures to force a referendum on the subject. On Tuesday the leftwing Social Democratic Party submitted the necessary signatures required to trigger a referendum. The party is opposed to a “tax bonus for rich parents” and collected 60,000 signatures in two-and-a-half months to force a nationwide vote on the reform, approved by parliament last September.
Switzerland remains world’s most attractive country for skilled workers
Switzerland continues to lead the world in talent competitiveness, having held the number one spot since the annual Global Talent Competitiveness Index (GTCI) was launched in 2013. According to the 2020 indexexternal link, the three main reasons for Switzerland’s top position are the country’s high quality of life (interesting jobs, high salaries and good career opportunities), its dual education system which combines education with vocational training, and its good legal and economic framework.
‘Corona-compliant’ Alpine cow processions to go ahead
The traditional driving of cows up to mountain pastures for the summer will still take place this year in Appenzell, northeastern Switzerland, despite the coronavirus pandemic. However, the processions will not be publicised so as not to attract tourists and spectators.
What does business look like in a post-lockdown world?
“Our analysis of what the biggest global companies in Switzerland are up to. This week: the new normal for business, luxury watches, and biotech dilemmas.” Switzerland is easing up on the lockdown but what the new normal looks like for big companies is still a work in progress.
Swiss companies free to pay dividends despite bailouts
Swiss companies that receive state bailouts during the coronavirus pandemic will still be allowed to pay dividends to shareholders. A divided parliament eventually rejected calls to ban the billions that are expected to be paid out by firms this year.
SWISS publishes flight timetable for June
After grounding most of its fleet because of Covid-19, Swiss International Air Lines will partially restart its flight operations in June and plans to operate up to 190 flights from Zurich and Geneva to 41 European destinations. The return to the skies would follow in stages, and the range of flights available will gradually be increased over the coming weeks, SWISS said on Thursday, announcing its timetable for June.
‘Clean and safe’ image could boost Swiss tourism
Switzerland Tourism has welcomed next month’s re-opening of borders with France, Germany and Austria. It believes the country’s reputation for cleanliness and tidiness could be a selling point once the Covid-19 pandemic dies down.
Tags: Andrea Maechler,Featured,newsletter,Politics