SNB’s Jordan can’t rule out recession – Blick paper

Swiss National Bank (SNB) Chairman Thomas Jordan of the Swiss National Bank (SNB) addresses a press conference in Zurich, Sept. 22, 2022. REUTERS/Arnd Wiegmann

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ZURRICH, Sept. 23 (Reuters) – The Swiss National Bank does not think the Swiss economy will slide into recession but cannot rule out the prospect, SNB chairman Thomas Jordan said in a newspaper interview published Friday.

“We don’t expect that at the moment. The Swiss economy should grow by 2% this year,” the Blick newspaper quoted him as saying. The SNB provided that forecast on Thursday when it raised its key rate by 75 basis points to positive territory. read more

“Next year, the situation could become even more murky. But there are a number of risks that could have a negative impact on economic growth. For example, if energy prices rise sharply again or if the economy abroad deteriorates. Or if the corona virus situation worsens.” again,” he said.

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“That would all have a very negative impact. And then you could no longer completely rule out the possibility that the world economy, and therefore also the Swiss economy, will end up in a recession.”

Jordan said it was up to individual banks to decide what interest rates to offer to savers now that the SNB had ended the era of negative rates.

“But the banks are competing with each other and are dependent on savers who bring their money to the bank and have their payroll account there. In the medium term, this will also increase the interest on bank accounts,” he said.

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Read:Euro zone unemployment unchanged at record low of 6.6%

Reporting by Michael Shields Editing by Paul Carrel

Our Standards: The Thomson Reuters Trust Principles.

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