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Below are some key quotes, via Reuters, from the speech delivered by the Swiss National Bank Governing Board Member Andréa Maechleris.

  • Still too early to contemplate tightening monetary policy.
  • Economic developments favourable but inflationary pressures low, Swiss franc highly valued, the situation on forex market fragile.
  • Forex intervention has become important tool in implementation of SNB monetary policy.
  • SNB retains ability to steer interest rates even without libor, for instance via negative interest rate on sight deposits.