The Swiss National Bank (SNB) may need to take its interest rates further into n...
VIENNA - The Swiss National Bank may need to take its interest rates further into negative territory, its chairman Thomas Jordan said in an interview with the weekly NZZ am Sonntag.
Investors traditionally buy the Swiss franc as a safe haven, but the resulting increase in value against other currencies makes life hard for Swiss businesses. In July and August, the Swiss franc hit its highest level against the euro in two years. In September, it left its main policy rate at -0.75%, one of the lowest rates in the world, and said it expects to stick to its ultra-loose monetary stance for the long haul.
Asked whether the SNB’s shareholdings in U.S. companies, worth about 100 billion Swiss francs , could lead to friction with Washington, Jordan said the central bank was in close contact with the U.S. Treasury Department.
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