GENEVA, March 18 (Reuters) - Swatch Group (UHR.VX), the world's largest watchmaker, has welcomed the Swiss National Bank's intervention to weaken the Swiss franc.

The SNB intervened in the currency market last Thursday to stem the franc's recent rise as it seeks to fight deflation and to protect the country's exporters.

"I am very happy about the SNB and what it did," Chief Executive Nick Hayek told Reuters on the sidelines of Swatch Group's annual press conference on Wednesday March 18.

Hayek has repeatedly said that the strong Swiss franc is one of his main concerns and last week he said the exchange rate loss of 233 million francs in 2008 was the highest since 1986, when the company was founded.

Since the SNB's intervention, the franc has lost some 4 percent against the euro.

"Swatch and Richemont have a significant cost base in Switzerland. A 10 percent Swiss franc devaluation against the euro and dollar in a zero-hedging scenario suggests possible EBIT accretion of around 10 to 15 percent," said Deutsche Bank analysts in a note.

"Lower Swiss franc-denominated costs also allow more competitive pricing decisions," they said.

(Reporting by Katie Reid; Editing by David Cowell)