Swiss National Bank Governor Thomas Jordan spoke on Thursday about the difficulties caused by the strength of the Swiss franc in the strong forex market for the Swiss industrial sector, which is already facing other difficulties caused by weak demand from other European countries and the eurozone.
Jordan’s most notable remarks during his speech on Thursday evening were:
Price stability and inflation rates are a prerequisite for growth and prosperity.
The SNB’s primary mandate is to maintain price stability, which is a prerequisite for the stability of society and a good economy.
Germany and Europe are the main markets for Swiss industries and exports.
If growth is weak in Europe and the Eurozone, this automatically affects the demand for Swiss industrial goods.
The high exchange rate of the Swiss franc in the Forex market and its recent strength against other currencies do not make the situation easier, and it makes things even more difficult for the Swiss industrial sector.
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