SNB's Jordan says franc remains 'significantly overvalued'

October 8, 2016 2:59 PM EDT

Swiss National Bank (SNB) Chairman Thomas Jordan attends a news conference in Bern, Switzerland June 16, 2016. REUTERS/Ruben Sprich

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WASHINGTON (Reuters) - The Swiss franc remains "significantly overvalued," the head of the Swiss National Bank said on Saturday, although he said there were no plans at present to push rates further into negative territory.

"We are convinced for the time being that our monetary policy is minus 75 basis points,” SNB Chairman Thomas Jordan told Reuters at the International Monetary Fund meetings in Washington.

“We also said that we have the potential to lower rates if necessary, but for the time being this policy is working and the combination of the two pillars is the right one.”

(Reporting by David Chance; Editing by Andrea Ricci)

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