SNB's Roth tells govt: closely watch global growth - News

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SNB's Roth tells govt: closely watch global growth

By: AFX | 11 Nov 2009 | 06:33 AM ET

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ZURICH, Nov 11 (Reuters) - Swiss National Bank Chairman Jean-Pierre Roth sees the country in a relatively good position, but the global economy still needs to be watched closely, the Swiss cabinet quoted him as saying on Wednesday. Roth updated ministers on the Swiss and European economic situation as he addressed them for the last time before he retires at the end of the year, the cabinet said in a statement. "He forecast slower growth than before the recent crisis, with high unemployment a particular concern. However, Jean-Pierre Roth said Switzerland is in a relatively good position," the government said. "But the global economic strategy still needs to be observed extremely carefully," it added, thanking Roth for 30 years of good work at the SNB. In a speech on Tuesday, SNB board member Thomas Jordan said the central bank sees no reason to exit its ultra-loose monetary policy at the moment, despite warning historically low interest rates pose risks to stability in the mid-term. Another speech Jordan is due to give on Thursday may offer more clues as to the direction of the SNB's monetary policy ahead of its next policy-setting meeting on Dec. 10. The SNB has taken a number of extraordinary measures to soften the impact of the worst economic downturn in decades on the Swiss economy, which is particularly vulnerable to weaker demand from abroad due to its dependence on exports. The central bank cut its target for the 3-month Swiss franc LIBOR to 0.25 percent and also intervened on the foreign exchange markets to stop the Swiss franc rising against the euro as it sought to fight deflation. (Reporting by Emma Thomasson; Editing by Andy Bruce) Keywords: SWISS SNB/ROTH (Zurich newsroom +41.58.306.7336, fax +41 44 251 0476, zurich.newsroom@news.reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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