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SNB's Jordan fears protectionism could make franc safe haven again

Reuters

ZURICH (Reuters) - Swiss National Bank Chairman Thomas Jordan said U.S. protectionist tendencies posed a big risk to the Swiss economy and could trigger renewed demand for the traditional safe-haven Swiss franc.

"The risks have not materialised yet, but if international trade doesn't function well, that is damaging for everyone," Jordan told Swiss broadcaster SRF in an interview on Thursday.

"Safe havens are sought when there are political uncertainties or big changes in the financial markets. This can be triggered by protectionism," he said.

The franc could be quickly sought as a safe-haven investment if risks like protectionism or conflict between Europe and Russia emerged, Jordan said.

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He was speaking after the SNB kept its ultra-loose monetary policy on hold on Thursday, as expected by every economist polled by Reuters.

(Reporting by Angelika Gruber and John Revill; Editing by Michael Shields)