February 17, 2015 / 6:46 PM / 5 years ago

Ownership structure of Swiss central bank has no influence on its policy

BRUSSELS (Reuters) - The fact that the Swiss central bank (SNB) is owned by Swiss cantons, who are entitled to a share of the bank’s profits, does not have any impact on the bank’s monetary policy, the central bank’s governor Thomas Jordan said on Tuesday.

Some economists have argues that the SNB, which in the middle of January dropped a costly cap on the Swiss franc-euro exchange rate, acted out of political pressure to preserve the profits by ending costly foreign exchange interventions.

“The ownership structure has no influence on monetary policy,” Jordan said at the University of Brussels, explaining that the exchange rate cap was dropped when it became clear that despite the large interventions it was not achieving the monetary policy goal it was created for.

Reporting By Jan Strupczewski

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