SNB’s Schlegel on Rate Decision, FX, Private Credit

Swiss National Bank President Martin Schlegel discusses the central bank’s decision to leave the benchmark interest rate at zero on Thursday. Speaking to Bloomberg News, he restated the SNB’s increased willingness to intervene in the FX market “in order to dampen abrupt and excessive exchange rate movements” to ensure price stability in the country. Schlegel also discusses the current private credit situation, saying it is “not alarming” as the size of private credit in Switzerland is “rather sm