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Currencies: SNB President comforts the franc debtors

Author: finanse.wp.pl
Address: http://finanse.wp.pl/Szef-szwajcarskiego-banku-pocieszyl-frankowiczow.html
Published: 19.02.2015

The Swiss franc has fallen by 0.10 PLN since the beginning of the week. On Thursday, it was as low as about 3.85 PLN. There are many reasons for the weakening, however, the most important one was the speech of the President of the National Swiss Bank (SNB). His words might have improved the moods of many franc debtors.

On a Thursday evening, Thomas Jordan, the SNB's President, gave a speech in one of the universities in Brussels. During his lecture, he frequently suggested that the Swiss currency is overvalued and thus hurts the local economy. He also encouraged to buy denominated assets in the franc, e.g. debentures and securities. Jordan additionally assured that 'the negative interest rates are to adjust the franc quotes'. This means that the Swiss currency may be even cheaper. Jordan further announced that if the monetary policy assumptions demand it, the central bank will remain active on the currency market.

Marcin Lipka, Cinkciarz.pl analyst

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