A strong Swiss Franc is helping to keep inflation down – but it is proving painful for some Swiss companies.
That’s the determination of the president of the Swiss National Bank, Thomas Jordan.
Speaking at a bankers’ meeting in Brig in canton Valais, he says the franc appreciated in real terms last year – and that’s been felt by companies.
But he adds that this country should avoid a recession -although he admits growth will be weak.
Last year the franc reached its highest level against the euro for 20 years.
It's not thought the bank has been intervening to bring down the level of the currency, in fact last September it briefly entered the markets to strengthen it in its inflation battle.
Economists aren’t expecting an interest rate cut until the third quarter of this year.
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