Doesn't see a new minimum exchange rate at the moment

Negative rates have side effects, SNB trying to minimise those side effects.

That gives us the freedom to maintain negative rates for longer and also to cut the rate if necessary.

SNB conducts independent monetary policy, does not follow the ECB.

Balance of risks is tilted to the downside.

Needs to take international environment into account.

SNB could still cut rates if needed.

We still have a highly valued Swiss franc, important to keep expansive policy.

SNB can intervene as necessary.

Never intend to weaken the franc for any advantage.