SNB responds to comments by the IMF that its leeway has been crimped by low interest rates offered by other central banks
Bern — The Swiss National Bank can further relax already ultra-loose monetary policy and take its interest rates deeper into negative territory, alternate governing board member Martin Schlegel said on Monday.
The bank drastically cut back its foreign currency purchases in 2018, while the negative interest rates have come under fire from pension funds and banks for reducing their returns. As a member of the SNB’s enlarged governing board, Schlegel is not responsible for setting policy, but is involved in the strategic and operational management of the bank.
IMF mission chief Rachel van Elkan declined to say how far the SNB should take rates lower to ward off investor appetite for the franc. Negative interest rates had proved their worth, while concerns they would lead to problems like money hoarding had not materialised, she said.
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