Corporate foreign exchange news

Switzerland will maintain interest rates at their current record lows for the timebeing, the Swiss National Bank's directorate member Thomas Jordan has declared.In a statement to businessmen this week, the executive said that the risk of deflation still significantly outweighs the risk of inflation.Dow Jones reports that consumer prices in Switzerland are likely to drop by an average of 0.5 per cent by the end of the year, before rising in 2009 and 2010.Meanwhile, unemployment is expected to rise to around six per cent in 2010, up two percentage points from 2009, he added."Against the backdrop of a recovery on financial markets and positive economic news, there is speculation regarding a change in monetary policy. However, the time for that hasn't yet come in Switzerland," said Mr Jordan.Switzerland's target three-month Swiss franc London interbank rate has been pegged back at a record low of 0.25 per cent, with the next quarterly policy decision taking place on September 17th.