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Currency interventions and negative rates are fundamental for the Swiss economy, Vice-Chairman of the Swiss National Bank (SNB), Fritz Zurbruegg, said on Wednesday.

“Currency interventions are not intended to weaken franc for the advantage of exporters,” Zurbruegg further explained. “Currency interventions are intended to support the goal of price stability.”

Commenting on the economic outlook, Zurbruegg noted that they are seeing a rebound in the economic activity as expected and added that they don’t see any evidence of a high inflation rate.

Market reaction

The USD/CHF pair edged slightly higher and was last seen gaining 0.3% on the day at 0.9118.

Expert score

5

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