SNB maintains its Policy Rate at 1.75% as expected; prepared to be active in the FX market as necessary (removed reference to “selling”)

GUIDANCE

• Will adjust its monetary policy if necessary to ensure inflation remains within the range consistent with price stability over the medium term. [Prev. “it cannot be ruled out that a further tightening of monetary policy may become necessary to ensure price stability over the medium term.”].

FX

• The SNB is also willing to be active in the foreign exchange market as necessary. [prev. “To provide appropriate monetary conditions, the SNB is also willing to be active in the foreign exchange market as necessary. In the current environment, the focus is on selling foreign currency.”]

HOUSING

• Momentum on the mortgage and real estate markets has weakened noticeably in recent quarters. However, the vulnerabilities in these markets remain.

Via SNB