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SNB says no immediate need to influence monetary landscape

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The Swiss National Bank believes its current policies are adequate for the current economic landscape despite the strong Swiss franc, board member Fritz Zurbruegg said at the central bank's rate-setting session on Thursday.

[BERNE] The Swiss National Bank believes its current policies are adequate for the current economic landscape despite the strong Swiss franc, board member Fritz Zurbruegg said at the central bank's rate-setting session on Thursday.

"Even at the current exchange rate, which we think is quite clearly overvalued, we see that the economic growth and inflation forecasts are the same as we forecast in March so there is no immediate need (to influence conditions)," Mr Zurbruegg told a news conference in Berne.

However, Mr Zurbruegg gave hints on the SNB's view of future interventions if faced with an unfavourable outcome to Greece's talks with its creditors.

"Greece would be a scenario, depending on how it plays out, where we would have to ensure that monetary conditions remain adequate for the Swiss economy," Mr Zurbruegg said.

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He didn't elaborate on the SNB's plans on Greece, beyond saying the central bank is monitoring the situation closely.

Earlier on Thursday, the SNB maintained its policy of negative interest rates and penalties for holding Swiss francs in cash and said on Thursday it would remain active in currency markets to keep the "significantly overvalued" franc down.

REUTERS

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