Guardian of the currency, in the Corona mode – SNB is continuing expansionary monetary policy and expected depth rezessio nThe national Bank has informed about their policy in the Corona-crisis. It is leaving its key interest rate at minus 0.75 percent. The supply of credit to the SNB, according to good.2 Kommentare2Die SNB announced on Thursday morning on their Corona-policy. From left to right: SNB-Director Fritz Zurbrügg, SNB President Thomas Jordan and the SNB-Director Andréa Maechler. (18. June 2020)photo: Anthony Anex/Keystone

The Swiss national Bank (SNB) scans in the middle of the Corona-crisis interest rates, and thus continues its expansive monetary policy. She keeps her attention on the exchange rates. The monetary authorities expect a deep recession in Switzerland.

in Concrete terms, the SNB is leaving its key interest rate and the interest rate on sight deposits at -0,75 percent, as announced on Thursday in the framework of the monetary policy assessment.

The SNB also emphasised their intention to intervene if necessary, continue to be “amplified” in the foreign exchange market. Because she looks at the Swiss franc remains “high” rating.

The expansionary monetary policy to stabilize the economy and price development in Switzerland, it is called justification. And in a tough environment (read also: For the world economy, the signs continue to point to a storm).

in GDP of around 6 percent

the Corona-pandemic have the world brought down the economy and the Swiss economy into a sharp recession. Most of the economic indicators have deteriorated over the last few months “dramatically”. The short-time work had reached an “unprecedented” extent of unemployment have rapidly increased, and consumer sentiment fell to a record low (read also: The latest Figures on short-time work).

For the current year, the SNB expects a decline in gross domestic product (GDP) by around 6 percent. This would be the biggest drop since the oil crisis in the 1970s, declared the guardian of the currency.

The low point was reached in the “Lockdown-the month of” April, said the SNB will continue to. With the since initiated easing steps as the economy has picked up activity again. And further easing steps are likely to contribute to a “significant” recovery in the economy in the third quarter.

The revival of the economy in the second half of the year should come after that in a very positive growth in the year 2021, announced, SNB President, Thomas Jordan, according to the speech text at the accompanying press conference.

Also, the new conditional inflation forecast of the SNB is now deeper. This is due to the significantly weaker growth Outlook and lower oil prices, the SNB had. For 2020, the SNB expects Inflation of -0.7 percent. For 2021 -0.2 percent now and 2022 +0.2 per cent predicted.

High degree of uncertainty

These forecasts are, however, associated with unusually high uncertainties, is emphasized. The uncertainty among consumers and companies is still high and the recovery abroad will not come as quickly up to speed.

The demand for exports, but also investment and consumption are expected to remain therefore for a while muffled. The local economy will not reach their pre-crisis level “quickly” again.

Provided by a second Corona-shaft is prevented: The SNB expects a recovery of the economy in 2021.Photo: Gianluca Colla/

All of this, the national Bank predicted on the basis of your “base scenario”. So on the current information based on the most likely scenario. But this “base” builds on some significant Unknown.

to prevent the SNB is in its projections for the world economy, that it will succeed in further Covid-19-contagion waves. Further contagion waves, or trade, political tensions would slow the economic recovery, was stressed.


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