Bern - Philipp Hildebrand will replace Jean-Pierre Roth at the helm of the Swiss National Bank starting at the beginning of next year, the Federal Council announced Wednesday.

Roth announced in January his plans to retire as chairman of the governing board of the SNB, a post he has held since 2001.

The council, the executive branch of government, also promoted Thomas Jordan from being a member of the board to replacing Hildebrand as vice chairman responsible for financial systems.

Hildebrand has been seen as being supportive and behind some of the recent monetary policy being implemented by the bank.

The SNB has moved to devalue the franc by buying up bonds and foreign currency. It also lowered its target interest rate to 0.25 per cent.

Switzerland is currently in a recession, one deeper than initially expected, and has seen a decline in imports and a larger drop in exports, though it still maintains a trade surplus. (dpa)