Jordan confirmed as new central bank chief

Jordan confirmed as new central bank chief

Switzerland's central bank on Wednesday confirmed interim chairman Thomas Jordan will take over as chief after former head Philipp Hildebrand quit amid a foreign exchange scandal.

“At its meeting of April 18th, the Swiss Federal Council appointed Thomas Jordan to be the new Chairman of the Governing Board of the Swiss National Bank,” an SNB statement said.

SNB chairman Philipp Hildebrand stepped down in January after becoming engulfed in a row over a dollar exchange by his wife weeks before the bank intervened to halt the rise of the franc — a move that saw the dollar rise significantly against the Swiss currency.

The bank had said an investigation proved Hildebrand did not break any rules but its governing council came under fire and promptly launched a review of its regulations.

In a set of tighter rules announced on Wednesday, employees will have to seek approval for all foreign exchange trades of more than 20,000 francs ($21,700) and extra restrictions have been introduced for certain members of staff with access to privileged information,

Former vice chairman Jordan, who joined the SNB in 1997, will take over with immediate effect.

The post of vice chairman went to current governing board member Jean-Pierre Danthine.

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