The Swiss National Bank (SNB) President Thomas Jordan said in a speech on Monday that the Swiss franc remained significantly overvalued. He also said that the central bank's monetary policy helped "to stabilise price developments and support economic activity".

"The SNB will continue to make the most of the latitude afforded by monetary sovereignty to respond pragmatically to the challenges ahead," he noted.

"However, monetary policy cannot remedy all economic ills, especially those of a structural nature," Jordan added.