Swiss central bank chief warns of global growth slowdown

Investing.com -- Swiss National Bank Chairman Martin Schlegel said today that global economic growth may temporarily slow as uncertainty rises.

Schlegel made the remarks at an event for the Swiss hospitality industry in Bern, according to presentation slides from his speech.

The SNB chairman noted that the Swiss hotel industry has remained resilient and price competitive despite the rise in the value of the Swiss franc. He added that hotel prices abroad in local currencies have increased more than prices in Switzerland.

The Swiss franc has faced increased appreciation pressure due to the conflict in the Middle East, Schlegel said.

The SNB has increased its readiness to intervene in the foreign exchange market, repeating earlier comments from the central bank.

Schlegel said that mid-term inflation pressure in Switzerland has barely changed.

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