Swiss National Bank Chairman Thomas Jordan cannot exclude more interest rate cut...
), have passed on the cost of negative rates to rich customers, triggering an outcry from the Swiss Bankers Association, which said ultra-low rates damage the country’s pension system.
The SNB last week kept its rates locked down at minus 0.75%, the same level it has for nearly five years, and indicated negative rates would remain in place for the foreseeable future. [nL8N28M1ST] In the interview, Jordan said it was difficult to predict how long the measure would remain in force.He added that negative rates were needed to prevent a rapid appreciation in the Swiss franc EURCHF=which would damage the country’s export-reliant economy.
“Imagine what would happen if we raised interest rates, for example to zero. That would mean the franc would strongly appreciate,” Jordan told the newspaper. “Inflation would turn negative, economic growth would be significantly slowed. That would benefit neither savers nor the pension funds.”
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Weak bank profits a stability risk for euro zone: ECBLow euro zone interest rates will squeeze bank margins, raising financial stabil...
Baca lebih lajut »
Thailand holds key rate, cuts economic forecasts as exports stumbleThailand's central bank left its benchmark interest rate unchanged at a rec...
Baca lebih lajut »
TD Bank tops US customer satisfaction ranking - Business Insider - Business InsiderTD Bank likely stood out due to the service quality of its branches and its strong checking account offerings and digital banking services:
Baca lebih lajut »
Study finds more teens vaping marijuana even as mysterious lung illness claims young livesFourteen percent of 12th graders said they vaped marijuana in the previous month, nearly double the rate from 2018, the National Institutes of Health says.
Baca lebih lajut »