Swiss National Bank sets up covid-19 refinancing facility

ZURICH, March 25 (Reuters) - The Swiss National Bank (SNB) has set up a COVID-19 refinancing facility to boost the supply of credit to the Swiss banking system and to prevent liquidity from drying up, the central bank said on Wednesday.

The facility will have no upper limits on the amounts available and will be available from March 26, the bank said.

“Our society and the Swiss economy are confronted with enormous challenges,” Swiss National Bank Chairman Thomas Jordan said at a press conference.

“To combat this crisis, it is essential that companies have access to credit and the banking system has access to liquidity,” the SNB said. (Reporting by John Revill, editing by John Miller)