The Swiss National Bank has decided to stick to its expansionary monetary policy, a day after the US Federal Reserve announced it was tightening monetary policies amid rising inflation. On Thursday, the SNB announced it was keeping the monetary policy rate at -0.75%. In doing so the bank wrote in a press release that it is "ensuring price stability and supporting the Swiss economy" in its recovery from the impact of the coronavirus pandemic". The central bank also kept its description of the franc as "highly valued" – the same wording used in 2017. Since that time, the Swiss franc, considered a safe-haven currency in times of crisis, has appreciated 10% versus the euro to reach its highest level since July 2015. The bank also said it was willing to intervene in the foreign exchange market "as necessary" to mitigate upward pressure on the franc. The SNB bought foreign currencies for almost CHF110 billion ($119 billion) in 2020. SNB president Thomas Jordan conceded that it is...
