Responding to the Q&A, the Swiss Nation Bank (SNB) Chairman Jordan said that it's important to look at the overall situation with negative rates, especially international low-interest rates.
Meanwhile, SNB board member Maechler said that “we are satisfied with banks preparations for change from LIBOR to SARON, but work still to be done”.
Additional Comments from Jordan:
Economic conditions in Switzerland speak for a continuation of current monetary policy.
Swiss inflation would turn negative if we tightened monetary policy.
Interest rate difference remains a very important factor for exchange rates, that's why we have to take international conditions into account.
- SNB steers rates on a steady course, USD/CHF renews 3-month lows
- SNB’s Jordan: Negative interest rates remain central to bank’s monetary policy
Meanwhile, USD/CHF is seen on a tepid recovery from three-month lows of 0.9809, as it flirts with 0.9830 level amid a broad USD recovery in tandem with the Treasury yields.
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