Investing.com - The Swiss National Bank kept its benchmark interest rate unchanged at record-low levels and reiterated that it is still prepared to take further action to weaken the franc, it announced on Thursday.
The SNB held its benchmark interest rate unchanged at -0.75%, in line with expectations. The central bank also left the target range for the three-month Libor unchanged at between -1.25% and -0.25%.
The Swiss franc is still significantly overvalued, despite a slight depreciation, the central bank’s statement said.
The statement added that negative interest rates and the SNB’s willingness to intervene in the foreign exchange market to make investments in Swiss francs less attractive both served to ease pressure on the franc.
SNB Chairman Thomas Jordan was to comment on the decision at a press conference later in the day.
EUR/CHF was trading at 1.0957 from around 1.0969 ahead of the decision, while USD/CHF was at 0.9688 from 0.9708 earlier.