Swiss National Bank Vice Chairman Zurbruegg to retire in July 2022

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Swiss National Bank Vice Chairman Zurbruegg to retire in July 2022
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Economy56 minutes ago (Dec 06, 2021 01:50AM ET)

Swiss National Bank Vice Chairman Zurbruegg to retire in July 2src22
© Reuters. FILE PHOTO: Swiss National Bank (SNB) Vice-Chairman Fritz Zurbruegg attends a news conference in Bern, Switzerland June 18, 2020. REUTERS/Arnd Wiegmann

ZURICH (Reuters) -Swiss National Bank Vice Chairman Fritz Zurbruegg will retire at the end of July 2022, the central bank said on Monday.

Zurbruegg, who was born in 1960 and has been a member of the SNB’s monetary policy-setting governing board since 2012, has recently been treated for a heart condition.

The SNB did not name a successor.

His first position on the board was in charge of the SNB’s Department III, which is responsible for financial markets, banking operations and information technology.

Zurbruegg was responsible for the operational implementation of the SNB’s monetary policy when it ended its minimum exchange rate against the euro and introduced negative interest rates and forex purchases to counter the strength of the Swiss franc.

Since July 2015, Zurbruegg has been in charge of the SNB’s Department II, which oversee financial stability, cash, finance and risks.

“Fritz Zurbruegg’s activities at the SNB have been shaped by the low interest rate environment worldwide, various international crises and the extraordinary measures the SNB has had to take to ensure price stability,” the SNB said https://www.snb.ch/en/mmr/reference/pre_20211206/source/pre_20211206.en.pdf in a statement.

His stint at Department II included the issuing of Switzerland’s latest set of banknotes, as well as the takeover of banknote substrate maker Landqart to ensure enough notes were produced for Switzerland.

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