SNB has made "substantial" FX interventions – Jordan

BERN, June 18 (Reuters) – The Swiss National Bank’s expansive monetary policy is helping Switzerland cope with the economic fallout from the coronavirus pandemic, SNB Chairman Thomas Jordan said on Thursday. Negative interest rates are providing favourable financing conditions for businesses hit by the downturn, while the central bank has stepped up its foreign currency purchases to prevent a rise in the safe-haven Swiss franc, he said in remarks prepared for a news conference after the SNB left policy on hold.

“A further appreciation of the Swiss franc – which was already highly valued – would have resulted in additional difficulties for our economy,” Jordan said. “Since the last monetary policy assessment, we have therefore made substantial interventions.” (Reporting by John Revill, Editing by Michael Shields)

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