Swiss franc overvalued: keep policy and ready, SNB chairman said

The Swiss National Bank (SNB) will maintain its ultra-loose monetary policy to help rein in the strong franc, Chairman Thomas Jordan Swiss told Italian-language newspaper Corriere del Ticino, published on Thursday.

"The overvalued franc, the underutilisation of production capacity and low inflation make it necessary for us to stick to our expansive monetary policy," Jordan said.

Jordan said "The franc is still overvalued, which is why negative interest rates and our readiness to intervene in the forex market remain necessary," he explained.

In an abridged version of the interview available on Wednesday, Jordan affirmed "The Swiss National Bank is still ready to intervene in the forex market if necessary".