SNB’s Zurbrügg says negative rates painful but necessary

Fritz Zurbrügg. Photo: SNB/P von Ah

Switzerland is suffering from a painful combination of a very strong currency and negative interest rates, but the monetary medicine is necessary, Swiss National Bank (SNB) vice-chair Fritz Zurbrügg said on October 1.

The country has had a rough year since the SNB abandoned its currency ceiling in January, sending the franc soaring. In remarks to the Swiss Economic Institute, Zurbrügg said some companies are having to "rethink their future in Switzerland". He admitted discussions with business l

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