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Bloomberg

SNB Policy Setup Means Big FX Interventions Unlikely, UBS Says

Large-scale interventions in the franc by the Swiss National Bank are unlikely even though the currency's strength pushed interest rates to zero, according to economists at UBS. 'The way how the policy rate is implemented is not adapted for persistent foreign currency purchases,' Maxime Botteron, Florian Germanier and Alessandro Bee said in note after the SNB's rate decision on Thursday. 'Systematic foreign currency purchases are unlikely at this stage.'