SNB Move Below Zero Bigger Step Than Normal Cut, Schlegel Tells NZZ

Swiss National Bank President Martin Schlegel said cutting borrowing costs below zero is a more significant move than a reduction above that level, according to an interview in Neue Zuercher Zeitung.

“While we have repeatedly emphasized that the hurdles for reintroducing a negative interest rate are higher than those for a ‘normal’ rate cut in positive territory, we also say that if necessary, we will not hesitate to reintroduce a negative interest rate,” he was cited as saying, echoing earlier comments.