Swiss National Bank has room to cut deposit rates further: board member
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The Swiss National Bank SNB logo is seen on a fence outside the construction site of the SNB building at the Federal square next to the Swiss Parliament in Bern, Switzerland November 25, 2015. REUTERS/Ruben Sprich
ZURICH (Reuters) - The Swiss National Bank has room to drop interest rates further into negative territory from the 0.75 percent it charges on some deposits today, board member Andrea Maechler said on Thursday.
"Monetary policy can do a lot -- and we have room to do more," Maechler said at an event in Zurich.
The SNB is convinced its negative rates are adequate today, Maechler said, while adding there were still pressures on the Swiss economy from a strong franc.
"It's clear for us that the franc is still overvalued," Maechler said.
(Reporting by Brenna Hughes Neghaiwi; Editing by Mark Trevelyan)
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