Swiss Take No Chances on Franc as Intervention Threat Kept
- Deposit rate at minus 0.75%, as forecast by economists
- Swiss central bank says franc remains ‘highly valued’
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President Thomas Jordan isn’t taking any chances with the franc even with the currency within striking distance of what was once the Swiss National Bank’s red line.
While the franc had a record drop against the euro last year, the SNB reiterated that it’s “highly valued” and the situation on foreign exchange markets is “still fragile.” Given those concerns, it maintained the threat to intervene if needed and kept interest rates unchanged at a record low.