ZURICH, March 4 (Reuters) – The Swiss National Bank has increased its readiness to intervene in foreign currency markets following the Swiss franc’s recent rise in the wake of the conflict in the Middle East, SNB Vice Chairman Antoine Martin said on Wednesday.
“Our willingness to intervene, our readiness to intervene is higher given the recent political events,” Martin told reporters.
Martin was speaking after the Swiss franc rose to its highest value against the euro in more than a decade earlier this week, driven by safe-haven inflows triggered by the conflict in the Middle East.
The SNB on Monday said it was more willing to intervene in the foreign currency markets to counter a “rapid and excessive appreciation” of the Swiss franc, a rare verbal intervention from the central bank.
The euro edged up 0.2% to a day high of 0.9098 francs after Martin made his remarks.
(Reporting by John RevillAdditional reporting by Amanda CooperEditing by Dave Graham)