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SNB Preview - June 2020: Jordan to keep combative stance, to stress SNB wary of renewed CHF strength

MNI (London)

MNI Point of View:

Despite being one of the only major central banks not to cut policy rates in the face of the COVID-19 downturn, the Swiss National Bank have been one of the most active in countering financial fragility and stemming the worst of the domestic economic downturn. They've done this by intervening in currency markets at a sustained pace, raising the negative rate exemption threshold, scrapping counter-cyclical capital buffers for Swiss banks and launching a new refinancing facility at the new sight deposit rate of -0.75%.

Following March's decision to keep rates at -0.75%, the Bank were quick to make clear that they still have room to manoeuvre on interest rates. But, it's clear that – for the time being - this suite of tools has succeeded in containing financial market fragmentation. As such, the Bank will likely reaffirm their vigilance this quarter, stressing that the CHF is "even more highly valued", but decline to cut rates or expand their current toolkit amid a calmer market outlook.

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