Vladimír Urbánek (Kurzy.cz)
Currencies  |  March 14, 2013 10:26:13

SNB will continue to defend the franc at 1.2 per euro


Swiss National Bank (SNB) in its quarterly outlook has decided that it will continue to defend its currency's strength at 1.2 CHF / EUR. The main rate will continue to hold in the range of zero to 0.25%. These decisions are in line with expectations.

SNB ceiling for the Swiss franc established in September 2011. Since then, the central bank's balance sheet almost doubled to a total of about 400 mld.CHF. Only in 2012 increased by 188 mld.CHF, which was 10 times more than in 2011. Analysts estimate that the ceiling for the franc will be maintained for the whole year. Swiss franc since the middle of last year, when the ECB started buying assets and programs LTRO, weakened against the euro by 2.6%. Since the beginning of weakening the franc by 2.3%. The Swiss franc is the third worst in the currency basket of the 10 most economies in the world. Worse are the only British Pound (-6%) and Japanese yen (-7.9%).
Analysts expect a further weakening of the franc towards 1.3 CHF / EUR in 2014 and 1.35 in 2015.

According to estimates, this year's SNB Swiss GDP will grow in the range of 1-1.5%, which is the same level as the central bank estimated in the previous quarter. Inflation should fall this year by 0.2% and by 0.2% next year. In December, the SNB in ??this regard, this year's estimated decline at -0.1%, and for next year's growth of 0.4%.
Average estimates for this year's GDP in the Bloomberg survey moves at 1.2% and 1.6% for next year. Inflation this year expected to grow by 0.2% and by 0.9% next year.
Unemployment currently stands at 3.1%, also by e near two-year highs.
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