Still room to intervene: SNB president

Switzerland’s central bank still has room left on its balance sheet to intervene in the currency markets and tamp down the strength of the Swiss franc, the bank’s president said on Monday. Thomas Jordan, the president of the Swiss National Bank (SNB), told a central bank conference in Bali, Indonesia, that the leeway to intervene exists despite the franc’s overvaluation and the negative inflation rate. "The current approach is right, an expansionary monetary policy and being ready to respond," said Jordan. “The balance sheet is big but we still have room to intervene,” he said. “We look at the costs and benefits of intervention. There is no limit to the balance sheet.” The SNB wants to prevent more strengthening against the euro, which has hurt Swiss exports and tourism. Accelerated intervention In June, the SNB posted the first data on how it has been intervening to contain the post-Brexit fallout on the franc caused by Britain’s June vote to leave the European ...