⁍ Swiss banks have so far weathered the impact of the COVID-19 pandemic well, SNB Chairman Thomas Jordan said.

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⁍ Jordan said the Swiss franc was one of the most solid currencies in the world.

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⁍ The SNB said last month it was ready to buy more foreign currency to ease appreciation of the safe-haven franc.

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– Swiss banks aren’t exactly immune from the H1N1 virus. “The global spread of coronavirus has led to a sharp deterioration in the economic environment and financial market conditions,” Swiss National Bank chief Thomas Jordan said in a speech today, according to Reuters. “Nonetheless, banks in Switzerland have so far withstood the effects of the pandemic well.” The franc, he added, is one of the world’s most solid currencies, and it tends to appreciate strongly in times of uncertainty. “We have witnessed this again recently,” he said, adding the central bank’s negative interest rate and willingness to intervene in the foreign exchange market served to counteract the attractiveness of Swiss franc investments. The SNB said last month it was ready to buy more foreign currency to ease appreciation of the safe-haven franc. It kept its policy interest rate and the rate it charges on sight deposits at minus 0.75%. “In general, an overvalued Swiss franc can pose a problem for the financial industry too,” Jordan said, citing banks’ wealth management businesses, where returns mainly accrued in foreign currencies while costs were incurred in francs.