The Swiss National Bank says it's ready to intervene in the currency markets to bring down the value of the franc.
The Swiss currency is seen as a safe haven in times of crisis and investors are buying the franc as the war in Ukraine goes on. The franc reached parity with the Euro over the weekend – a level seen as a tipping point.
The franc has come off its highs – but its unclear if that’s down to intervention.
The rate between the franc and the euro is being attacked on both sides, while demand for the franc is high – investors see the European economy as being especially hard hit by the war, so the euro is under pressure.
One of the central bank’s board members, Andrea Maechler, says the bank is following the course of the franc carefully and will intervene if necessary.
Although inflation is climbing in Switzerland, mainly because of the price of raw materials and food, she says there’s no need to change the country’s negative interest rates.
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