The Swiss National Bank (SNB) President Thomas Jordan said on Thursday that the Swiss franc is overvalued and the central bank will intervene in the foreign exchange market if needed.

Mr Jordan noted that it was the right decision to discontinue the minimum exchange rate of 1.20 per euro.

The SNB president expects that inflation could decline below zero in short terms, but inflation will be positive in early 2017.

He pointed out that there will a slowdown in economy in the first half of the year.

Mr Jordan declined to comment on whether the SNB has intervened in the foreign exchange market.