"The latest economic surveys indicate a more positive mood on a broad front over recent months"
- Economists at the State Secretariat for Economics
The amount of money hold in circulation in Switzerland increased for the second month in a row in March, the Swiss National Bank said Monday. According to the report, M3 money supply, which is the broadest measure of money and used by economists to estimate the entire supply of money within an economy, grew at a rate of 9.9% last month from a year earlier, compared to an increase of 9.8% in February. At the same time, M2 expanded 10.7% compared to a growth of 10.4% in the preceding month. The report also showed that official foreign reserves in March stood at $522.19 billion.
"The latest economic surveys indicate a more positive mood on a broad front over recent months," economists at the State Secretariat for Economics (SECO) said. "In view of the continuing stability in the domestic economy and a brighter outlook for exports, the opportunities for a further increase in economic growth during the course of this and next year look good."
"The story in my view is that prices for imported goods are still falling, despite the Swiss National Bank's defense of the 1.20 floor," said David Marmet, economist at Zuercher Kantonalbank. "This helps the SNB maintain its monetary policy, and I see no signs of it changing. We believe the SNB will maintain the cap well into 2014."
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