SNB able to cut rates further, Jordan says

thomas-jordan-snb-board
Thomas Jordan

Switzerland’s central bank could cut its deposit rate further into negative territory if necessary, according to the chairman of its governing board.

The Swiss National Bank (SNB) cut its interest rate on sight deposits to -0.75% in January 2015, the same month it shocked markets by scrapping its currency ceiling.

Thomas Jordan said the SNB will “continue to make the most of our monetary policy latitude in the future” and is able to cut rates further or buy foreign currency.

The Swiss franc

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