SNB’s Jordan stresses commitment to exchange rate intervention
Central bank holds policy rate, but says Swiss franc is still “significantly overvalued”
The Swiss National Bank (SNB) is to "remain active" in foreign exchange markets to fight what it sees as continued overvaluation of the Swiss franc.
Switzerland's economy has been on the receiving end of safe haven flows that have left the franc "significantly overvalued", chairman Thomas Jordan said today (December 15). The board chose to hold rates at –0.75%, while continuing its policy of interventions to resist any further appreciation.
The SNB's efforts had kept the franc "quite stable"
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