The IMF said on Monday that the Swiss National Bank should consider introducing negative rates on commercial banks' deposits if the franc continues strengthening, maintaining at the same time the EUR/CHF cap at 1.20. As a result of their annual Swiss consultation the IMF urged the SNB to step up efforts to boost its own capital and to reduce the debt of largest Swiss banks. Following IMF's comments the SNB Head of Economic Affairs Thomas Moser agreed that the swiss franc was overvalued and assured that the central bank was ready to enforce the EUR/CHF cap.