National Bank snubs calls for more coronavirus money
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.
This content was published on
1 minute
swissinfo.ch/urs
Governing board member Andréa Maechler an additional financial contribution would counteract monetary policy.
External Content
Never miss a top story: subscribe to our weekly newsletter now.
“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.
More
More
Coronavirus: the situation in Switzerland
This content was published on
An overview of the latest Covid-related information in the Alpine nation.
As a Swiss Abroad, how do you feel about the emergence of more conservative family policies in some US states?
In recent years several US states have adopted more conservative policies on family issues, abortion and education. As a Swiss citizen living there, how do you view this development?
What factors should be taken into account when inheriting Swiss citizenship abroad?
Should there be a limit to the passing on of Swiss citizenship? Or is the current practice too strict and it should still be possible to register after the age of 25?
This content was published on
The value of frozen Russian assets in Switzerland currently stands at CHF 7.4 billion, the Swiss Confederation announced on Tuesday. This represents an increase of CHF 1.6 billion in one year. Additional assets have been identified, according to the State Secretariat for Economic Affairs.
This content was published on
The number of business start-ups in Switzerland accelerated in the first three months of the year, with entrepreneurs being particularly dynamic in Central Switzerland, Basel and Geneva.
Most Swiss authorities want to ban Nazi symbols in public
This content was published on
A majority of Swiss political parties, cantons and associations want to ban the use and distribution of Nazi symbols in public.
This content was published on
French and Swiss armoured and artillery units will train together to strengthen the defence capabilities of the Swiss army.
Harmful substances in particulate matter underestimated: Swiss research
This content was published on
Measurements significantly underestimate the amount of harmful substances in particulate matter, says an international research team under Swiss leadership.
Switzerland reopens its humanitarian office in Kabul
This content was published on
Switzerland opened its humanitarian office in Kabul in mid-March to provide targeted aid to the Afghan population in distress.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Economic cost of pandemic will be enormous: SNB chief
This content was published on
In two newspaper interviews on Sunday, Jordan warned of significant job losses and an erosion of prosperity in the wake of the pandemic. The economy is currently operating at between 70% to 80% of normal levels, he told the SonntagsZeitungExternal link. “Many people may not yet be able to imagine what these numbers mean for prosperity…
Who foots the bill for the Swiss coronavirus relief package?
This content was published on
Funds for an unemployment scheme, loans for cash-strapped companies, financial aid for the economy: The costs of Covid-19 pandemic are considerable.
First woman appointed to Swiss National Bank board
This content was published on
The Swiss cabinet has appointed Andrea Maechler as the first female member of the governing board of the Swiss National Bank (SNB). She will replace Jean-Pierre Danthine, who retires next June.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.