SNB's Maechler: Franc is still "significantly overvalued"
|Political uncertainty dominates at the moment, SNB Governing Board member Andrea Maechler said on Thursday during her speech in Zurich.
Key quotes (via Reuters)
- Swiss economic recovery not yet broad-based
- SNB is looking at ways to diversify the vast foreign currency assets it built up during its campaign to rein in the highly valued Swiss franc
- Although an expanding balance sheet does not make the process of diversification any easier, we will not be curtailing our efforts on this front
- Political uncertainty dominates at present, notably with respect to the future course of economic policy in the U.S., various elections in Europe, and the complex Brexit negotiations
- The bank's monetary policy had supported moderate economic growth
- Having said this, the momentum we are seeing is not yet broad-based
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