July 14, 2020 / 2:53 PM / 23 days ago

SNB's Jordan says return to normal interest rates some way off

ZURICH, July 14 (Reuters) - A move away from ultra-low and even negative interest rates remains some way off, Swiss National Bank Chairman Thomas Jordan said on Tuesday, after defending the need to maintain negative rates in Switzerland.

“I fear it will take some time before we get there (a normal situation) again,” Jordan told a webcast meeting with the International Monetary Fund. He said it would be better if one day central banks could move to a normal situation, acknowledging the difficulties negative rates create for financial institutions. (Reporting by John Revill; Editing by Michael Shields)

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