GENEVA: Swiss National Bank Chairman Thomas Jordan said on Tuesday that the country's currency remains "significantly overvalued" compared to the euro and that the central remains ready to intervene, if necessary, to keep it from strengthening.
The Swiss franc fell to 1.116 francs per euro at 1115 GMT, hovering near its lowest level since the SNB eliminated a 1.20 cap against the common currency just over a year ago.
Speaking to the Swiss Press Club in Geneva, Jordan said that a combination of negative interest rates, the SNB's willingness to intervene and the overvaluation of the Alpine republic's currency have led to declines in the franc's value in recent weeks.
He declined to say whether the SNB had recently intervened in currency markets.
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