December 15, 2016 / 8:41 AM / 3 years ago

Swiss central bank keeps expansive policy to check strong franc

BERN, Dec 15 (Reuters) - The Swiss National Bank stuck to its monetary policy guns on Thursday when it kept interest rates at record low levels to keep a lid on the “significantly overvalued” Swiss franc.

As expected, the central bank said it was keeping the target band for 3-month Libor at -0.25 to -1.25 percent and the interest rate it charges on sight deposits at -0.75 percent.

“The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive, thereby easing pressure on the currency,” the SNB said in a statement. (Reporting by John Revill and Silke Koltrowitz; Edoting by Michael Shields)

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