SNB Has No Exchange Rate Target for Franc, Schlegel Says

(Bloomberg) — The Swiss National Bank doesn’t target a specific exchange rate, President Martin Schlegel said, repeating the central bank’s position that it has a greater willingness to intervene in the franc.

“The SNB ensures appropriate monetary conditions by setting the SNB policy rate and, when necessary, taking other measures such as intervening in the foreign exchange market,” he said in slides published on Tuesday. “But the SNB doesn’t pursue an exchange-rate target.”

According to the presentation — “Monetary policy in the best interests of the country” — he also told lawmakers in Bern:

On the franc: “Real appreciation significantly lower than nominal appreciation.” “Upward pressure on the currency due to escalation in the Middle East: Increased willingness to intervene in the foreign exchange market.” “Price stability doesn’t happen on its own: it requires a sound institutional framework.” “A narrowly defined monetary policy mandate.” “Only a narrowly defined mandate ensures long-term independence.” “Independence: protecting monetary policy from political influence.” For full presentation, click here

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