Monetary policy goal takes precedence over generating a profit or payout for governments and cantons, the Swiss National Bank (SNB) Chairman Thomas Jordan said while speaking the central bank’s General Meeting of Shareholders on Friday.
“Conducting a monetary policy that ensures price stability while taking due account of economic developments is… our goal, rather than generating a profit or making it possible to pay a distribution.”
“The SNB’s monetary policy mandate always takes precedence. And there can also be times when we have to accept losses to perform this mandate.”
“The central bank instead needed to put aside more money earned from its massive foreign currency pile to prevent its equity from being constantly reduced.”
Having tested 0.9100, USD/CHF has trimmed gains to now trade at 0.9090, still adding 0.11% so far. Jordan’s comments had little to no impact on the Swiss franc.
