SNB president says stronger Swiss franc painful for companies

A stronger franc has helped dampen inflation in Switzerland but has also been painful for domestic companies, according to Swiss National Bank President Thomas Jordan. “The nominal appreciation of the franc has lowered inflation,” Jordan said on Tuesday at a banking event in Brig in southern Switzerland. “The real appreciation was much lower, but the franc has also appreciated in real terms in 2023. And that hurts, companies feel that,” he said, adding that Switzerland should nonetheless escape relatively unscathed. “Economists are confident that there won’t be a recession — and we are also confident, otherwise we would forecast one,” Jordan said. “So no recession, just weak growth.” + Why is the Swiss franc appreciating so much? Jordan’s remarks come after the franc recently reached its highest level against the euro in more than two decades. The SNB has allowed some appreciation in a bid to keep inflation in check, but it’s not clear if the central bank remains comfortable with ...