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InvestmentsSwiss franc remains in demand as safe haven says Swiss National Bank's...

Swiss franc remains in demand as safe haven says Swiss National Bank’s Maechler By Reuters


© Reuters. FILE PHOTO: Swiss National Bank (SNB) Governing Board member Andrea Maechler speaks as she attends a information convention in Bern, Switzerland June 18, 2020. REUTERS/Arnd Wiegmann


GENEVA (Reuters) – The Swiss franc continues to be in demand as a safe haven funding as market uncertainties stay elevated as a result of ongoing COVID-19 pandemic, Swiss National Bank governing board member Andrea Maechler mentioned on Thursday.

“We are still in a territory where the Swiss franc is high,” Maechler advised an occasion in Geneva. “More generally, how is it (the franc) going to go further? I don’t know. I don’t know where the Swiss franc is going to go.”

“The reality is, we continue to have a safe-haven currency,” Maechler mentioned. “Uncertainties remain high, largely because of the COVID crisis which continues to be there.”

Maechler repeated the SNB’s dedication to forex market interventions to examine the rise of the franc, which just lately hit its highest stage in opposition to the euro since May 2020.

Modest Swiss inflation, which has risen to round 1.2%, helped take the sting off the franc’s rise and cut back the damaging impact the forex’s energy has on Switzerland’s export-orientated economic system, she mentioned.

“You’ve seen recently there has been quite an appreciation of the Swiss franc,” Maechler mentioned. “Now if you look at the real exchange rate, it’s still higher than 2015,.

“It is one thing that we do proceed to observe, and we’ll proceed to take action.”

The SNB remained dedicated to foreign exchange market purchases the place applicable, looking for to have the utmost impression with the minimal intervention, she mentioned.

On its investments it purchased with foreign exchange nonetheless, the SNB sought to have the minimal market impression, Maechler added.

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