Swiss National Bank Chairman Thomas Jordan on Wednesday defended recent interest rate hikes to tackle inflation, saying they were neither damaging for Swiss financial stability nor responsible for the downfall of Credit Suisse.
The SNB has increased interest rates four times over the past year to reduce inflation which has persisted above the central bank’s target of 0%-2%.
The market currently expects 25 basis point rise from the current 1.5% level when the central bank makes its next assessment in June.
Read More : SNB Stands Firm on Rate Increase, Denies Responsibility for Credit Suisse’s Downfall