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SNB's Jordan: Franc is still a safe haven, when uncertainty rises investors seek the franc

Swiss National Bank (SNB) Chairman Thomas Jordan has recently crossed the wires arguing that Brexit was a risk for Europe and the final outcome could have an effect on the CHF's exchange rate.

Key quotes (via Reuters)

  • Interest rates and currency interventions are powerful instruments, are having an effect.
  • Central Bank has contributed to Switzerland coming through finance crisis.
  • Current monetary policy is appropriate and there is no reason to change it.
  • Cconomic uncertainties have increased in recent months, including Brexit.
  • Interest rate differential to euro area very important, plays important role.
  • The franc has stablised but remains highly valued.
  • Currency markets remain fragile, uncertainty has increased not just because of Brexit.
  • Franc is still a safe haven, when uncertainty rises investors seek the franc.
  • There is no risk in near future of Swiss inflation rising.
  • Negative interest rates are difficult for the pension funds and affect the property market.
  • If we increased interest rates, Swiss economy would be affected and have negative impact on pensions.

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