SNB's Zurbruegg says Brexit impact on CHF much less than expected

SNB vice chair Zurbruegg out on the wires 16 Nov

• mon pol conditions adequate
• rapid and sharp appreciation in CHF has meant crucial we use policy that can prevent this pass through
• since financial crisis interventions in FX have been more important
• SNB willing to intervene on FX markets

Willing, able and currently very involved as EURCHF remains underpinned again above 1.0700 and USDCHF holds above 1.0000

• credit growth still rising but less so than in recent years
• overvalued CHF puts pressure on companies
• SNB will do what is necessary to fulfil mandate of price stability