SNB Says Franc Ceiling ‘Essential’ to Protect Swiss Economy

Switzerland’s central bank said its cap on the franc remains essential even as dangers to the economy from Europe’s debt crisis recede.

“At the moment there’s no reason to discuss an exit of the cap -- the minimum exchange rate is still very, very important,” Swiss National Bank President Thomas Jordan told Swiss Radio SRF in an interview after the Zurich-based central bank’s quarterly policy review today. “How long that will be the case is hard to predict.”