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Swiss National Bank President Thomas Jordan: the central bank is ready to intervene in the foreign exchange market
The Swiss National Bank (SNB) President Thomas Jordan said at the central bank's annual general meeting in Bern on Friday that the central bank is ready to intervene in the foreign exchange market.
"The Swiss franc is significantly overvalued overall," Jordan noted. He expects "a correction of this overvaluation". Jordan pointed out that the Swiss franc increased due to the Greek debt problem.
He outlined that the Swiss economy will successfully overcome its challenges, and added that the negative interest rates won't become the "new normal".
"The current low interest rate environment is a temporary phenomenon," the SNB president said.
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