Jordan Says SNB Is ‘Very Concerned,’ Monitoring Franc Moves

Swiss central bank Vice President Thomas Jordan said policy makers are “very concerned” about recent currency developments after the franc appreciated to a record against the euro.

The Swiss National Bank is “monitoring the euro-franc exchange rate very closely,” Jordan said at an event in Zurich late yesterday. Asked whether policy makers would be willing to weaken the franc through purchases of foreign currencies as in the 15 months through mid-June 2010, he said “we’re constantly assessing the situation and if there was a situation with a deflation threat, then we’d have the possibility to act.”