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SNB to keep franc cap into 2016

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SNB to keep franc cap into 2016

Economists believe that the Swiss National Bank will keep its franc cap into 2016 as euro-area policy makers’ attempts to fuel inflation maintain pressure on the Swiss currency.

Just 14% of the 22 economists polled in the Bloomberg Monthly Survey predict the SNB will lift the minimum exchange rate by the end of 2015, compared with 27% last month and 53% in May. A record 46% say the cap will be lifted in 2016, up from 36% in June. 23% bet on a suspension in 2017 or later.

The SNB capped the franc at 1.20 per euro nearly three years ago, citing the risk of deflation and a recession as investors bought the franc as a refuge amid the euro area’s debt crisis. Economists expect a 2014 inflation rate of 0.1%, accelerating to 0.6% in 2015 and 1.2% in 2016, according to the median estimate in the survey. They predict a growth rate of 2% this year, with 2.2% expected for 2015 and 2.1% in 2016.

The franc appreciated 0.5% against the euro last month, according to data compiled by Bloomberg. It traded at 1.2155 against the bloc’s currency during morning trading in Zurich.

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Ebene Cybercity,
Mauritius,
J. Balcikonio str. 9,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.