SNB Chairman says Swiss Franc is a safe haven in uncertain times; conflict in Middle East can increase appreciation pressure on the Franc;
Importance
Level 1
- SNB readiness to intervene on FX market is elevated.
- Policy interest rate is the main tool, but there are situations where FX interventions are more suitable.
- Negative interest rates worked in the past, but they had negative side effects.
- Prepared to introduce negative rates but the hurdle to lower rates into negative area is higher.
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