The Swiss National Bank (SNB) Vice Chairman Fritz Zurbruegg said on Wednesday that price stability is important for competitiveness of companies.

"By fulfilling its mandate and ensuring price stability, the SNB makes an indirect contribution to the competitiveness of the Swiss economy," he said.

Zurbruegg added that "there is no contradiction between a strong currency and an economy's competitiveness" in the long term.

Zurbruegg noted that the Swiss franc is overvalued, and it is necessary for the central bank to impose negative interest rates and to intervene in the foreign exchange market.