December 18, 2019 / 6:08 AM / a month ago

Swiss National Bank Chairman cannot rule out further interest rate cuts

ZURICH, Dec 18 (Reuters) - Swiss National Bank Chairman Thomas Jordan cannot rule out a further sinking of Swiss interest rates, he said in an interview on Wednesday, although such a step was not currently needed.

"We can't rule it out," Jordan said told Swiss newspaper Blick when asked whether the SNB's -0.75% interest rate - one of the lowest in the world - could be lowered further.

"But we carry out a very precise cost-benefit analysis and we would never simply cut the interest rates if that brought no benefit. At the moment, however, a further reduction is not necessary."

Negative interest rates have become increasingly controversial in Switzerland, with banks criticising the measure saying it punished savers and risked producing asset bubbles. (Reporting by John Revill; editing by Thomas Seythal)

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