"For some quarters now, the focus has been on foreign
exchange sales," said Maechler, who is due to step down from the
SNB at the end of June after an eight-year stint on its
governing board.
In the fourth quarter of 2022 the central bank sold foreign
currencies worth around 27 billion Swiss francs ($29.56
billion), SNB Chairman Thomas Jordan said last week.
Maechler was speaking a week after the central bank raised
interest rates to 1.5%, its fourth increase in succession, as it
wrestles with stubborn inflation.
Swiss inflation was reported at 3.4% in February, which
although low in comparison to the 8.5% rate in the neighbouring
eurozone, lies outside the SNB's target band of 0% to 2%.
($1 = 0.9135 Swiss francs)
(Reporting by John Revill
Editing by Tomasz Janowski)
ZURICH, March 30 (Reuters) - The Swiss National Bank
remains ready to intervene in the foreign currency markets to
combat inflation despite hiking interest rates last week,
governing board member Andrea Maechler said on Thursday.
"In order to ensure appropriate monetary conditions, we
remain prepared to be active on the foreign exchange market as
needed," Maechler told an event in Zurich.
The SNB has switched tack in recent months, away from
selling Swiss francs to weaken the safe haven currency to
selling foreign currencies to boost the franc's value as a
shield against imported inflation.
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