SNB's Jordan: Franc has weakened but remains highly valued

Swiss National Bank (SNB) Chairman Thomas Jordan reiterated on Friday that negative interest rates in the current situation, as well as readiness to intervene in forex markets, remain essential, as reported by Reuters.

Additional takeaways

"Monetary policy is in the interest of all the country not for particular sections, current policy necessary."

"Swiss franc has weakened but remains highly valued."

"Cryptocurrencies are not liquid enough for the bank to have as one of its investment assets."

"No advantage from setting up a sovereign fund with its assets."

"Sovereign wealth fund would lead to a conflict of interest with monetary policy."

Market reaction

The USD/CHF pair showed no immediate reaction to these comments and was last seen trading at 0.9090, where it was up 0.06% on a daily basis.