February 26, 2020 / 5:33 PM / a month ago

Negative rates necessary for Switzerland - SNB's Maechler

ZURICH, Feb 26 (Reuters) - Negative interest rates are must for the Swiss economy despite painful effects, Swiss National Bank governing board member Andrea Maechler said on Wednesday.

“For Switzerland in the current environment, negative interest rates are absolutely necessary,” Maechler said at an event hosted by investment managers at the University of Zurich. “It’s painful, I give you that. But without negative interest rates, Switzerland would be much worse off. That’s absolutely clear for us.” (Reporting by Brenna Hughes Neghaiwi)

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