GENEVA, (Reuters) – The Swiss franc is still in high demand as a safe investment option as markets remain uncertain due to ongoing COVID-19 Pandemic. Andrea Maechler, a member of the Swiss National Bank’s governing board said Thursday.

Maechler said that they are in an area where the Swiss Franc remains high. Maechler said that the franc (generally) will continue to rise. That’s all I know. “I don’t know the destination of Swiss Franc.”

Maechler explained that the reality was, “We continue to have safe-haven currencies.” The COVID crisis, which is still ongoing, means that uncertainty remains high.

Maechler reiterated the SNB’s commitment to currency markets interventions to stop the rise in the franc. It recently reached its highest point against the euro since May 2020.

She said that modest Swiss inflation of 1.2% has helped to offset the currency’s decline and lessen the negative impact it has on Switzerland’s export-oriented economy.

Maechler explained that the Swiss franc has appreciated in recent years. The real exchange rate is still much higher than 2015.

“It’s something that we monitor continuously, and we will continue doing so.”

She stated that the SNB was committed to buying forex markets when appropriate and seeking maximum impact while requiring minimal intervention.

Maechler explained that although the SNB bought foreign currencies for its investments, it tried to limit market impacts.