SNB Can Take Further Steps to Defend Cap, Zurbruegg Says
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The Swiss National Bank will defend its cap of 1.20 per euro on the franc and won’t hesitate to enact supplementary measures, Governing Board Member Fritz Zurbruegg said.
“The SNB will continue to enforce the minimum exchange rate with the utmost determination,” Zurbruegg said in a speech yesterday in Geneva, reiterating the stance taken by the central bank at its most recent policy decision. “To this end, it is prepared to purchase foreign exchange in unlimited quantities and to take further measures immediately if required.”