SNB Chairman Thomas Jordan warned that situation on financial and foreign exchange markets remains “fragile”. And, “against the current backdrop, our unconventional monetary policy with the negative interest rate and our willingness to intervene in the foreign exchange market as necessary remains both essential and appropriate”. He is optimistic that eventually, interest rate will turn positive again. But he added “I cannot tell you now when exactly that will be”.

Separately, head of the SNB Council, Jean Studer emphasized “the SNB can only fulfil its statutory mandate if it retains full independence in monetary policy matters”. He warned “a politicized central bank would no longer be able to carry out its tasks in the best interests of the country as a whole.”

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