The Swiss National Bank (SNB) Vice Chairman Fritz Zurbruegg said in interview with the Swiss newspaper Corriere del Ticino on Thursday that it was the right decision to remove the franc/euro cap last January.

"It was the right decision at the right time," he said.

Zurbruegg noted that the Swiss economy was holding up despite the strong franc.

He pointed out that there was no the risk of deflation.

"Inflation is very low and remains in negative territory this year. This is due to a transition of the sharp fall in oil and the strength of the franc and does not pose the risk of deflation," the SNB vice chairman said.