The Swiss National Bank decided to maintain the interest rate on sight deposit account balances at -0.75% on Thursday. It still believes its monetary policy is effective and defends its use of negative interest rates, which it believes should weaken the Swiss franc over time. While the bank’s base scenario does not involve Greece leaving the Euro zone several scenarios have been envisaged including Grexit – Greece’s exit from the common currency. In the face of the uncertainty surrounding the Greek crisis the Swiss franc is viewed as a safe haven currency.
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