The Swiss National Bank will review whether the policy measures take thus far were enough to keep inflation within the target range on a sustainable basis and stands ready to tighten policy further if needed, SNB Chairman Thomas Jordan said Tuesday. Switzerland’s central bank had kept unexpectedly the <a href=https://www.rttnews.com/3391839/switzerland-central-bank-unexpectedly-holds-rate-steady-at-1-75.aspx target=_blank >policy rate unchanged at 1.75 percent</a> in September.
Policymakers had assessed that the significant tightening of policy over the past five consecutive meetings is countering inflationary pressures, though the bank left the door open for future hikes.
“However, we emphasized that price stability may not yet be ensured,” Jordan said in a speech. “Thus, we will not hesitate to tighten monetary policy further if necessary.”
Policymakers will monitor the inflation developments closely in the coming weeks, Jordan said.
The SNB remains pragmatic, consistent and determined, in line with the risk management approach, the central banker added. Consumer price <a href=https://www.rttnews.com/3401963/switzerland-inflation-steady-at-1-7.aspx target=_blank >inflation in Switzerland</a> was unchanged at 1.7 percent in October. The SNB’s next policy session is scheduled for December 14.