Berne  - Jean-Pierre Roth, chairman of the Swiss National Bank, said Friday he would retire at the end of the year, having served in the role since 2001. He named no successor.

Roth, who worked for the bank for three decades, will step down in midst of a global economic crisis, which has also hit Switzerland, particularly as it is an exporting nation and relies on a financial sector that makes up an estimated 12 per cent of GDP.

Many observers have commended Roth's monetary policy during the onset of the financial woes and as it turned into an economic crisis.

The central bank last year bailed out UBS, the Swiss giant.

Recent data has shown the Swiss economy will likely contract in 2009, in line with the central bank's predictions that this year would be a difficult one economically. (dpa)