Swiss Minister admits to ‘uncertainty’ over the future

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Switzerland’s Economics Minister has described the financial outlook for the country’s future as uncertain.

Johann Schneider-Ammann admitted at a press briefing that the Government was largely in the dark over what the future holds for the country.

“We don’t know what will happen in the coming months and Swiss economic growth in coming quarters could range from moderate, through stagnation to negative,” stated the minister.

The Swiss National Bank (SNB) last week stated that it planned to buy unprecedented levels of foreign currency in a concerted effort to drive down the value of the Swiss Franc, which has surged in popularity recently.

Although this popularity seems positive for the Swiss economy, if this trend continues it could lead to buyers having to pay more for Swiss products in the future.

Switzerland is looking to avoid this situation, although the move has been greeted with initial apprehension across the rest of the financial world.

“The Swiss Franc is the new Deutschemark and without the resurrection of the old Deutschemark, it will remain one of the most desirable currencies in Europe,” stated Stuart Thomson, an economist from a leading asset management company.

“The SNB’s decision to peg the Swiss Franc/Euro exchange rate backed by unlimited creation of its domestic currency is courageous.”

Thomson went on to describe the policy as having had an immediate success; Switzerland will hope that this success is sustained and the long term health of their economy is assured.

The Economics Minster could certainly do with some assurance over the future direction of the country at this moment.

Transfer money to Switzerland

If you are looking to invest in Switzerland, think carefully about how you will be transferring money to Switzerland. Foreign currency exchange rates quoted by banks are usually worse than the exchange rates available through specialist currency dealers, which means they are probably not the best way to send money abroad.

So if you are sending money to Switzerland, which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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Swiss Minister admits to ‘uncertainty’ over the future

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