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The Swiss National Bank (SNB) President Thomas Jordan said in an interview with the NZZ am Sonntag that the interest rates in Switzerland will remain negative for a while as there are many risks that could lead to a stronger Swiss franc, which is already a "clearly overvalued".
He added that "there are lights at the end of the tunnel" as the Fed and the Bank of England may start raising its interest rates and as Eurozone's economy is recovering.
Jordan pointed out that the central bank is ready to intervene in the foreign exchange market if needed, and it intervened in June.
The SNB president noted that the Swiss economy is in line with central bank's forecasts.
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