SNB President Jordan said that compared to the US and the Eurozone, the strength of the Swiss franc played a key role in keeping inflation low. Jordan said that prices in Switzerland have never increased by more than 3.5% in recent years, mainly due to the country's exchange rate. In contrast, the US inflation rate peaked at 9.1% in 2022, and the Eurozone's inflation rate reached a high of 10.6% in the same year. “The Swiss franc must rise if you want to protect yourself from imported inflation,” Jordan said. He said that's why the central bank stopped buying foreign currency in 2022 to offset the inflow of the Swiss franc, and even reduced its foreign exchange holdings until the end of 2023.