SNB's Jordan: Swiss inflation outlook lower as a result of falling oil prices

FXStreet (London) - Speaking at a press conference following the Swiss National Bank’s surprise decision to abandon its defence of the CHF1.200 level, the SNB chairman Thomas Jordan said that the inflation outlook for Switzerland is lower than its December forecast as a result of tumbling oil prices “however, lower oil prices will stimulate growth globally, and this will influence economic developments in Switzerland positively. Swiss franc exchange rate movements also impact inflation and the economic situation.

"The SNB remains committed to its mandate of ensuring medium-term price stability while taking account of economic developments.

"The SNB will continue to take account of the exchange rate situation in formulating its monetary policy in future. If necessary, it will therefore remain active in the foreign exchange market to influence monetary conditions."