Jordan Puts SNB on Alert for Turmoil as Brexit Probability Rises
- SNB stands ready 24 hours a day to intervene if needed
- Officials kept deposit rate at -0.75%, further cuts possible
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The Swiss National Bank will be ready to react to any turbulence in financial markets following the U.K. referendum even though policy makers don’t consider a “Leave” vote as the most likely outcome.
“This is an event that is possible, and the probability increased in the last few days, but the base scenario that we have does not include the Brexit,” President Thomas Jordan told reporters in Bern after the central bank kept interest rates unchanged. Nevertheless, “turbulences could arise, and we intend to stabilize the market in case such a situation arises.”