SNB’s Kohl: Switzerland has been hit by global slump

Swiss National Bank Chief Economist Ulrich Kohl feels “there is no question that the world economy has deteriorated dramatically over the past year” and “inspite of strong fundamentals, Switzerland has been affected too, with its export sector being hit foremost.”

Kohl feels there is no evidence of a credit crunch in Switzerland and sees private consumption as being quite resilient. He says the SNB has a large array of unconventional policy options should more easing be required.

The SNB is to release its’ interest rate decision Thursday, together with updated growth and inflation forecasts.

USD/CHF sits at 1.1590, EUR/CHF at 1.4630, both marginally lower on the day.