Business · Economy · 10 hrs ago
SNB chief says Swiss monetary policy has kept inflation in check
Swiss National Bank President Martin Schlegel said the bank’s monetary policy has worked through several decades of crises.
The SNB aims to keep inflation between 0% and 2%, and Schlegel said inflation has mostly stayed in that range since the start of this century.
After the pandemic, supply problems and strong demand pushed prices up worldwide, while Russia’s war in Ukraine added to pressure through higher energy costs.
The SNB first reduced foreign currency purchases, then raised interest rates from June 2022 and later sold foreign currency to help limit price increases and bring inflation back into its target range.
By the end of 2023, it had sold foreign currency worth 161 billion Swiss francs, nearly 20% of Switzerland’s gross domestic product.
Inflation has recently risen to 1.5%, still within the target range, and the SNB will decide on its interest rate on December 10; it is currently 0%.
Swiss National Bank President Martin Schlegel said the bank’s monetary policy had maintained price stability through crises.
He said inflation had mostly stayed within the SNB’s target range of 0 to 2 percent since the beginning of the century.
Schlegel said the bank’s response to the inflation surge after 2021 helped bring inflation back into its target range.
Inflation recently rose to 1.5 percent, which remains within the target range.
The SNB is due to decide on its policy rate again on December 10; the rate is currently 0 percent.
- Who
- Martin Schlegel, president of the Swiss National Bank.
- What
- He said the SNB’s monetary policy had kept inflation in check and maintained price stability.
- When
- Thursday, November 5, 2026.
- Where
- At the “The SNB and its Watchers” event in Zurich.
- Why
- Schlegel said the SNB’s policy response had helped contain inflation and return it to the target range.
This story does not have two clearly opposing sides.
Inflation was mostly within the SNB’s target range of 0 to 2 percent.
Supply bottlenecks and strong demand after the COVID-19 pandemic, followed by higher energy prices after Russia’s invasion of Ukraine, pushed up prices.
The SNB began raising its policy rate.
The SNB had sold foreign currency worth 161 billion Swiss francs.
Schlegel said the SNB’s monetary policy had maintained price stability through crises.
The SNB is due to make its next policy-rate decision.
- SNB president
- Martin Schlegel
- Inflation target range
- 0 to 2 percent
- Current policy rate
- 0 percent
- Recent inflation
- 1.5 percent
- Foreign currency sold by end of 2023
- 161 billion Swiss francs
What people are saying
This shows that our monetary policy concept works under a wide variety of circumstances
The National Bank has fulfilled its mandate – price stability in the medium term.