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Swiss central bank's Zurbruegg defends negative rates policy

ZURICH Oct 12 The Swiss National Bank is convinced its twin pillars of negative interest rates and foreign currency interventions are the right tools to curb the value of Swiss franc, Vice Chairman Fritz Zurbruegg said on Tuesday.

Despite a slight reduction in the value of the currency, "you still have a significant overvaluation of the franc," Zurbruegg said at a Bloomberg event in Zurich.

He said he was "convinced" about the value of the measures, despite negative effects like reducing the profitability of banks.

Negative rates were now a global and long-term phenomenon and low rates could create financial stability issues, he said, adding the SNB would monitor the situation.

(Reporting by John Revill; Editing by Michael Shields)

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