Economics
SNB Jordan Pledges to Defend Cap as Global Risks Rise
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Swiss National Bank President Thomas Jordan pledged to maintain the cap on the appreciating franc amid increasing global economic risks.
“The franc is still highly valued,” Jordan said in an interview with NZZ am Sonntag published yesterday. “Enforcing the minimum exchange rate of 1.20 per euro is absolutely central to ensure adequate monetary conditions in Switzerland” and the SNB stands ready to enforce it by buying unlimited foreign currency, he said.