The Swiss Franc is “significantly overvalued” according to the head of the Swiss National Bank.
Thomas Jordan admitted that the central bank had no quick-fix solution to the problems the strong currency is causing the country.
The bank has been on the back foot since it ended its cap on the franc against the euro in January.
Swiss franc weakens on SNB head's remarks: Swiss authorities are concerned of likely "safe haven" flows to fra... http://t.co/d2pSBI2E1f— IBTimes UK Business (@IBTimesUKBiz) June 25, 2015
The franc has risen some 13 percent against the euro, the currency of the country’s biggest trading partners.
The bank is watching the Greek crisis closely
as greater certainty over Greece’s future may reduce the upward pressure on the currency.