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10/26, 5:21 PM (Source: TeleTrader)
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SNB's Jordan: Swiss banks managing well amid pandemic

Swiss National Bank Chairman Thomas J. Jordan spoke at the Lugano Banking Day on Monday, acknowledging the challenge that the negative interest rate poses to the financial sector. He stated that "the low interest rate environment is a global phenomenon with structural causes, that Switzerland cannot escape, unfortunately."

During his speech, Jordan, also mentioned the "sharp deterioration in the economic environment and financial market conditions" due to the COVID-19 spread, even though he admitted that the banks in the country have managed to deal with the pandemic effect well.

The SNB introduced negative rates in 2015 and kept the rates at -0.75% amid the coronavirus crisis. Policymakers noted that interest rates will probably remain at current levels until at least 2022.

Breaking the News / CG