ZURICH (Reuters) -The Swiss franc rose to its highest level against the euro in nearly a decade on Monday, as heavy losses in stock markets, concerns over U.S. and global growth and tensions in the Middle East drew investors to the safe-haven currency.

The franc has risen some 3.5% against the euro since the U.S. Federal Reserve held interest rates last week.

Early on Monday the franc rose as high as 1.0856 euros, its highest since January 2015, when the Swiss National Bank (SNB)scrapped a cap it had against the euro.

A spokesperson for the SNB declined to comment on the franc’s strength or on whether the central bank could intervene in the market to stem the currency’s appreciation.

The SNB has cut interest rates twice this year amid concerns among Swiss manufacturers that the strength of the currency was putting pressure on their key export business.

UBS economist Maxime Botteron said at a time when the SNB is cutting interest rates, the franc’s appreciation over the last few days could prompt foreign currency purchases by the bank.

However, if policymakers are seriously concerned about the currency’s strength, the bank still had scope to cut its benchmark rate below 1.25% at present, Botteron added.

“If any, foreign currency purchases are therefore likely to be limited,” he said.