April 21, 2018 / 4:12 AM / a year ago

SNB's Jordan sticks to policies despite franc at 1.20 per euro -paper

FILE PHOTO - Thomas Jordan addresses a news conference in Zurich, Switzerland December 21, 2017. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Swiss National Bank President Thomas Jordan said weakening of the franc to 1.20 per euro EURCHF= this week is no reason to abandon negative interest rates and a willingness to intervene in foreign exchange markets, newspaper Neue Zuercher Zeitung reported in its Saturday edition.

The Swiss franc fell to a three-year low against the euro on Thursday as a revival in risk appetite encouraged investors to use it to buy higher yielding assets elsewhere.

Jordan, interviewed while in Washington, at an International Monetary Fund meeting, said the SNB would stick to its loose monetary policy to help tamp down the strength of the Alpine republic’s currency, NZZ reported.

Despite a more robust euro since the election of President Emmanuel Macron in France and Europe’s generally favorable economic environment, Jordan said the situation remains fragile and merits that Switzerland stick to its course of the last three years, the newspaper reported.

Reporting by John Miller; Editing by Sandra Maler

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