The Swiss National Bank (SNB) in its battle to curb the franc's advance said it would raise sight deposits to 200 billion francs from 120 billion francs and may take further measures if needed.

These measures came after slashing interest rate to zero in addition to announcing other liquidity measures.

The bank mentioned that the adopted measures, so far, are having a remarkable impact on the franc yet the currency is still massively overvalued.

For the franc to reach desired levels, the SNB said it would repurchase outstanding SNB bills and adopt foreign exchange swaps.

A Swiss newspaper said the bank will launch a 1.5 billion Swiss franc package to halt the franc's rally in their meeting today.